BEIJING, July 1 (Xinhua) -- Securities brokers in China remained enthusiastic about stagging in the past quarter when initial public offerings (IPO) speeded up and reaped 319 million yuan floating profit, reported Securities Daily Wednesday.
In the second quarter, data publicized about offline price inquiries for 55 IPOs completed by June 30 showed securities brokers pocketed 302 million floating profit from stagging on 20 IPOs on China's sci-tech innovation board or the STAR market, accounting for as high as 94.67 percent of the total.
The remaining proportion equal to 16.9446 million yuan was contributed by stagging from 35 IPOs on the main board, ChiNext market and SME board.
In total, 57 self-operated accounts of securities brokers and eight collective wealth management products participated in the stagging from the above-mentioned IPOs last quarter and each account was allocated 6,897 shares on average.
By different boards, each such account taking part in the stagging from STAR market IPOs got a surprisingly high of 19,000 shares on average in offline subscription. On the main board, ChiNext market and SME board, each account was allocated 922 shares on average in their offline subscription.
Since March 1 when China's new securities law took effect, registration-based securities issuance reform has spurred notable growth in both the number and speed of IPOs in the country.
By June 29, Shenzhen Stock Exchange (SZSE) announced that its fifth batch of applications for 21 IPOs on the ChiNext market had been dealt with and the bourse had by then handled 96 IPOs and 25 refinancing applications on ChiNext market. (Edited by Duan Jing with Xinhua Silk Road, email@example.com)