Biz monitor

Funds raised through initial public offerings (IPOs) in the Chinese capital market last year exceeded that in the United States for the first time, according to a PricewaterhouseCoopers report.

IPOs from the bourses in Shanghai, Shenzhen, Hong Kong and Taiwan reached a record high of $62 billion in 2006, beating the $48 billion from IPOs in the New York Stock Exchange, NASDAQ and American Stock Exchange.

"The two mega IPOs, namely the Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC), contributed significantly to the superb performance," said Edmond Chan, capital market services group partner at PricewaterhouseCoopers.