56% fewer China firms go public in Q1

SHANGHAI - There were 43 IPOs in China in the first quarter, less than half the number in the same period last year, according to investment research firm ChinaVenture.

The 43 companies raised a total of 35.9 billion yuan ($5.6 billion), 42 percent less than in the same period a year ago. Nine were listed in Shanghai, 15 in Shenzhen, 17 in Hong Kong and two in the United States.

Worldwide, it has been the weakest month for IPOs since the second quarter of 2009, with proceeds down 73 percent.

In the largest global IPO, China Zheshang Bank, raised 10.9 billion yuan ($1.7 billion), with Bank of Tianjin's 6.1 billion yuan ranking second.