Initial public offerings on Chinese mainland exchanges have climbed to $57.8 billion so far this year, the largest-ever for such a period, data compiled by Bloomberg showed.

Since January there have been five IPOs of above $1 billion on Chinese mainland, and one more is on its way. Meanwhile, there was just one such sale each in New York and Hong Kong, and none in London.

Chinese mainland's IPO market has defied headwinds such as rising interest rates and fears of a US recession, which have brought major equity fundraising elsewhere to a virtual standstill, Bloomberg said.

With companies rushing to list, Chinese mainland's share in global IPO proceeds has more than tripled to 44 percent this year from 13 percent at the end of 2021, according to Bloomberg's data.

Newly traded stocks also showed better performance, with shares of Chinese mainland IPOs up by an average 43 percent this year over their listing price, compared with a 13 percent drop in Hong Kong.

Overall, the tech sector has been one of the busiest for new share sales. For example, demand for computer component manufacturer Hygon Information Technology's IPO exceeded the amount on offer by 2,000 times.

A lot of the stocks now coming to market in Chinese mainland are from the tech sector, which investors seem eager to buy given the focus on building up home-grown capabilities, Brian Freitas, an analyst for independent research platform Smartkarma in Auckland, told Bloomberg.

With total financing of 208.7 billion yuan, the Shanghai Stock Exchange tops in IPO value globally in the first half of the year, followed by Shenzhen (99.4 billion yuan), according to a report released by professional services provider Deloitte.

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