IPO fundraising set to top $40 billion mark this year

Fundraising by China's new IPOs in 2016 is estimated to hit 250 billion yuan ($40 billion) to 300 billion yuan this year, making the A-share IPO market the biggest one globally, accounting firm PricewaterhouseCoopers said on Monday.

The number of new IPOs is expected to reach 400, fueled by the registration-based IPO system and the launch of the Strategic Emerging Industries Board, said Frank Lyn, PwC China and Hong Kong Markets Leader.

"We believe such measures will positively influence IPO activities, and the acceleration of the registration system will further open up and enhance the A-share market," said Lyn.