Shanghai IPOs value will be triple in 2010

The value of initial public offerings in Shanghai is forecast to more than triple in 2010 , reflecting the strong rebound in the Chinese economy, global accounting firm Ernst and Young said. Chinese companies are expected to raise 380 billion yuan (55.7 billion dollars) on the Shanghai Stock Exchange next year, compared with an estimated 118 billion yuan this year, Ernst and Young said in a report Monday. That would place Shanghai ahead of Hong Kong, where companies are expected to raise a record 370 billion Hong Kong dollars (47.7 billion dollars) in 2010 compared with 246 billion Hong Kong dollars this year. "With the economy and the capital markets becoming more stable, coupled with a strong IPO pipeline and market liquidity, we forecast 2010 IPO activities in the Chinese mainland will continue to be strong," said Terence Ho, strategic growth markets leader for Ernst and Young.