The funds were raised from IPOs launched in Hong Kong, Shanghai, Shenzhen and Taiwan, PricewaterhouseCoopers said in the report.

The United States saw US$48 billion raised from IPOs on the New York Stock Exchange, Nasdaq and American Stock Exchange. In 2006, there was a total of 140 IPOs in China.

The average size of deals in China was US$440 million in 2006, a jump of 69 percent from a year ago. The figure doubled the average deal size of US$220 million in the United States and more than tripled the US$130 million raised in the United Kingdom.

The mega IPOs from Industrial and Commercial Bank of China and Bank of China contributed significantly to the record amount raised.

ICBC, the country's biggest bank, raised US$19 billion in October as the world's biggest share sale in Hong Kong and Shanghai. BOC reaped 20 billion yuan (US$2.6 billion) in Shanghai in June after netting US$11.2 billion in Hong Kong in May.

"This year, we are expecting another robust year for IPO activities in China even though there may not be mega-sized IPOs that are comparable to those of ICBC or BOC," said Richard Sun, assurance partner at PricewaterhouseCoopers.

PwC expects IPOs worth about US$58 billion this year in China - US$20 billion in Hong Kong and around US$37 billion in Shanghai and Shenzhen - which will surpass those in the United States where IPOs worth US$50 billion are expected, Sun noted. IPOs worth US$1 billion may be raised in Taiwan, PwC said.

"We are expecting more dual listings of Chinese companies on the Hong Kong Stock Exchange and the Shanghai or Shenzhen stock exchanges to emerge in the near future," said Edmond Chan, a PwC partner.

"Moreover, many Chinese companies which are already listed solely on the Hong Kong Stock Exchange as H-shares or red chip companies have also expressed their interest in seeking an additional listing in the A-share market in Shanghai or Shenzhen."

This view is echoed by an Ernst & Young report which was released earlier.

PwC expects Shanghai to exceed Hong Kong in 2007 in terms of new funds raised as several large Hong Kong listed H-share companies have announced their intention to raise funds and list A-shares in Shanghai or Shenzhen.

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