Hit new low in May. Here are the number of IPOs the first half of this year:
Jan to Mar subtotal CNY 67.5 b
Apr: 4 (include the huge IPOs of Citic Bank and Bank of Comm), CNY 43 b
May: 3 IPOs, total CNY 0.986 b
Don’t know the reason for this change. But with new acct openings set record everyday and a lot new money flow into the market, while the supply side (stocks) remain about the same, the only result is “bid up” of stock prices.
Also, it seems to me the regulators set the perfect time for the IPOs for Citic Bank and Bank of Comm, when the market was red hot and the banks got top “yuan” for their stocks. The guys at Citic Bank and Bank of Comm should thank regulators for that 🙂
Reference: Sina Finance.