Chinese TMT IPOs remain active in H1

Photo taken on July 22, 2019 shows the debut ceremony of China's sci-tech innovation board (STAR market) at the Shanghai Stock Exchange in Shanghai, east China. (Xinhua/Fang Zhe)

BEIJING, Aug. 30 (Xinhua) -- Initial public offerings (IPOs) of Technology, Media and Telecommunications (TMT) companies on the Chinese mainland remained active in the first half of 2020 despite setbacks, said global auditing and consultancy firm PwC.

The number of listed Chinese mainland's TMT companies came in at 55 during this period, down from 74 listings in the second half of 2019, with total IPO proceeds standing at 97.2 billion yuan (about 14 billion U.S. dollars).

JD.com and NetEase filed a secondary listing in Hong Kong and raised 27.5 billion yuan and 22.1 billion yuan, respectively. China Resources Microelectronics got listed on the STAR market in Shanghai raising 4.3 billion yuan. Together, these three companies were the largest TMT IPOs on the mainland in the first half of the year.

According to Wilson Chow, PwC Global TMT Industry Leader, the listing momentum of Chinese mainland's TMT companies prevailed, and was not dampened by COVID-19.