(Yicai Global) July 28 -- A total of 78 firms in Shanghai raised a total of CNY197.4 billion (USD30.3 billion) in the capital market in the first half, a yearly increase of 91 percent, an official at the local branch of China’s securities regulator told Yicai Global.

Twenty-one companies raised CNY29.3 billion via initial public offerings, 18 refinanced CNY24.7 billion, and 39 secured CNY143.4 billion by issuing corporate bonds. Shanghai also had 21 newly listed businesses, of which seven joined the city’s Nasdaq-like Star Market.

Shanghai’s status as a financial center is continuing to grow. In the first half, two new securities and futures institutions opened, and private equity funds under management rose to CNY580 billion (USD89.2 billion) with 3,677 new products, an increase of 16 percent and 14 percent respectively, according to data from the Shanghai branch of the China Securities Regulatory Commission.

Shanghai has also become the first choice for foreign institutions as China's financial sector continues to open up. The number of foreign-owned financial entities in the city has increased to six, while the number of wholly foreign-owned, foreign-owned and China-foreign joint venture securities, funds and futures institutions in Shanghai accounts for half of the country’s total.

In terms of risk prevention and control, the resolution rate of listed companies reached 13.3 percent in the first half, according to the Shanghai CSRC, which also said corporate bond default risk is controllable. Private equity firms have also made progress in risk reduction. 

Editor: Tom Litting