Chinese companies recorded a sharp drop in both the number and value of domestic and overseas initial public offerings in the third quarter, said the Zero2IPO Group, a Beijing-based research firm.

Twenty-eight Chinese companies raised US$3.06 billion by listing on the mainland and overseas markets.

The number of IPOs was down 62.2 percent from the same period last year and value decreased 86.1 percent. That's the lowest level in the past three third quarters.

Among the total, 18 companies were listed on domestic markets, raising US$1.99 billion, down 55.0 percent and 86.1 percent, respectively, from a year earlier.

China's securities regulator slowed the pace of new equities offers in a bid to maintain market stability.

The benchmark Shanghai Composite Index plunged 68 percent from its peak in mid October amid fears over oversupply of shares and economic slowdown.

China South Locomotive and Rolling Stock Corporation was the only large company listed on the Shanghai Stock Exchange. The other 17 listed on the Shenzhen bourse, a small- and medium-sized enterprises board, raising a total US$1.03 billion.

(Xinhua News Agency October 17, 2008)