Shanghai tops world's IPO league table despite coronavirus outbreak

Eight companies raised $2 billion that month and a further 5 deals in March were worth $615.5 million.

Shanghai has topped global initial public offering (IPO) league table for the first time in nearly three years, even as the coronavirus epidemic which originated in China rocked markets around the world.

A total of 33 companies raised $7.31 billion floating on the Shanghai main board and the city's start up-focused STAR market, according to Refinitiv data for the first quarter, easily outstripping New York's Nasdaq where 17 companies raised $5.13 billion via IPOs.

But even as Shanghai basks in success, for cash-seeking companies and their bankers the question is whether China can maintain this momentum as the coronavirus continues to cause massive disruption in global financial markets.

While Shanghai hosted the $4.4 billion IPO of Beijing-Shanghai Speed Railway early in January, accounting for most the funds on the main board, STAR market issuance held up even as the country went into virtual lockdown in February.

Eight companies raised $2 billion that month and a further 5 deals in March were worth $615.5 million.

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China's markets have fared better than many Western benchmarks, with the blue-chip CSI 300 down 9.4% for the year as of Friday March 27, compared with tumbles of 21% fall for the S&P 500 in New York and 25% for the pan-European STOXX 600 index.

EY Greater China IPO practice leader Terence Ho said the fiscal response from China's government - which accelerated a massive programme of economic stimulus measures - could help boost the prospects of companies looking to list on the mainland markets.

New York state's coronavirus death toll surpasses 1,000 in 16 days

The virus and the disease it causes, coronavirus, has torn through New York with frightening speed.

New York state's death toll from the coronavirus outbreak climbed Sunday above 1,000, less than a month after the first known infection in the state.

Most of those deaths have come in just the past few days.

New York City reported in the evening that its toll had risen to 776. The total number of statewide deaths isn't expected to be released until Monday, but with at least 250 additional deaths recorded outside the city as of Sunday morning, the state's total fatalities was at least 1,026.

The virus and the disease it causes, COVID-19, has torn through New York with frightening speed.

The first known infection in the state was discovered March 1 in a health care worker who recently returned from Iran. Two days later, the state got its second case, a lawyer from the suburb of New Rochelle.

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By March 10, Gov. Andrew Cuomo had declared a containment area in New Rochelle that shuttered area schools and houses of worship. That same day, the metropolitan area saw its first fatality: a man who worked at a harness track in Yonkers and lived in New Jersey.

By March 12, the state had banned all gatherings of more than 500 people, darkening Broadway theaters and sports arenas. A day later, the first New York resident died, an 82-year-old woman with emphysema.

New York City Mayor Bill De Blasio closed New York City's schools March 15.