China is on course to lead the global market for initial public offerings this year, although it is unlikely to top 2010 in terms of the number of new listings or the amount of capital raised, state media reported. PricewaterhouseCoopers expects to see US$60 billion raised in Shanghai and Shenzhen in 2011 through 320 new listings. In 2010, there were 349 IPOs and the total capital raised was US$72.2 billion. Small and medium-sized enterprises have replaced state-owned firms as the primary movers in the market, said Charles Feng, Beijing lead partner at PwC. The Shenzhen SME Board attracted 204 IPOs last year, raising US$30.6 billion, up 378% year-on-year. ChiNext, which launched in October 2009, saw 117 IPOs raise US$14.4 billion. There were 28 larger-scale listings in Shanghai, which generated US$27.2 billion. Hong Kong is also likely to see a dip in 2011, PwC said. Having raised US$57.3 billion in 2010, the market is on course to generate US$38-45 billion in capital this year.