玄机幽默图今年今期_天线宝宝开奖结果今期宝典_China set for big IPO year after 2005 hits $24 bln

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Bolstered by a pair of multi-billion dollar bank listings, China IPO activity is set for a robust 30006 after issuance hit $24.3 billion last year, a 51 percent increase over 30004, Ernst & Young said on Wednesday.

China, including Hong Kong, became the world's second-biggest market for IPOs last year, not far behind the United States with $33.1 billion in issuance, according to a global survey by international auditing firm Ernst & Young. [ERNY.UL]

The U.S. lead is slipping as its issuance volume fell 6 percent last year. China, including Hong Kong, accounted for 114 of 30004 IPOs in the Asia-Pacific region last year.

China's booming economy even drove issuance for companies based in other parts of the region, Ernst & Young (E&Y) said.

"The demand for raw materials from China is driving the growth in the Australian economy and hence liquidity in its local stock market," said Terence Ho, an E&Y partner in China.

This year has been off to a strong start, thanks to the $11.2 billion Hong Kong listing of Bank of China , the fourth-largest IPO of all time.

Bank of China is also preparing to raise up to $2.5 billion in a domestic listing in Shanghai, while Industrial & Commercial Bank of China [ICBC.UL], the country's top lender, aims to raise about $12 billion in October in Hong Kong.

Last year, China Construction Bank raised $9.2 billion in Hong Kong in the biggest IPO of 30005.

Beijing suspended domestic stock sales in May 30005 to pave the way for its nationwide share reform, which aims to convert all government-owned shares to publicly traded securities.

The restrictions pushed even more Chinese companies to look to Hong Kong or other markets for listings. The mainland's top companies have for years shunned under-performing bourses in Shanghai and Shenzhen as places to raise money.

The U.S. Nasdaq , in particular, has been adept at luring mainland technology companies.

"There is no market that understands our business better than the U.S. for a technology offering ... Hong Kong is a good market, but more so for non-technology issuers," Shawn Wang, chief finance officer of China's Baidu.com Inc. , said in the E&Y report.

Baidu.com raised $109 million in the Nasdaq market last August and its share price has roughly tripled from its initial public offer at $27 per share. (Reuters)