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Chinese companies are on track to raise a record 500 billion yuan via IPOs this year. It comes after a record first half, with companies racing to tap the stock market for funds.
PricewaterhouseCoopers says that in the first half, 176 IPOs raised as much as 212 billion yuan. There were no new listings during the same period last year. PWC expects the number of new listings in China to reach 300 this year including 25 in Shanghai and 275 on the Shenzhen exchange.
It says China will likely see the world's second biggest IPO this month when the Agricultural Bank of China, completes its giant dual listing in Shanghai and Hong Kong. Other sizable IPOs expected this year include Industrial Securities' planned Shanghai listing, and Ningbo Port's planned offering.