IPO proceeds plummet in 2001

A total of 74 Chinese companies raised Yn46.1bn in initial public offerings on domestic and foreign markets in 2001, a fall of per cent on the previous year, according to the China Securities Regulatory Commission. Mainland companies, including those already listed, raised a total Yn116.8bn in selling new shares in 2001, reported Xinhua. The downturn coincided with a slump in domestic share prices, partly caused by an official crackdown on share price manipulation, insider dealing and accounting fraud.