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Shanghai ranks first globally in IPO amid lockdowns

The Shanghai Stock Exchange ranked first globally in initial public offerings (IPOs) with 680 listings raising a total of USD32.4bn in the first half of this year, according to accounting firm Deloitte. This marks a 49% year-on-year increase as Shanghai showcased its resilience as a fundraising centre amid Covid lockdowns. Mainland China’s financial capital was home to three out of the world’s top ten largest listings by funds raised, including mobile operator China Mobile, offshore driller CNOOC and Jinko Solar. Securing the top rank was an especially notable feat for Shanghai as it was undergoing a two-month Covid-linked lockdown from April and only began to gradually reopen this month. Next to Shanghai is runner-up Shenzhen Stock Exchange, followed by Korea Stock Exchange, which raised around USD15.4bn and USD11.5bn, respectively.


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