Initial public offerings (IPOs) of Technology, Media and Telecommunications (TMT) companies on the Chinese mainland surged in the second half of 2022, according to data from global auditing and consultancy firm PwC published on Wednesday.

The number of listed TMT companies stood at 124 during this period, 56 more than that in the first half of the year, raising about 133.5 billion yuan (about 19.58 billion U.S. dollars), PwC said.

The data showed that 39 companies got the green light on the tech-focused STAR Market, raising 74.1 billion yuan, and 35 others got listed on the start-up board ChiNext, raising 40.2 billion yuan.

The technical hardware and equipment sectors saw 77 IPOs, 62 percent of the total, while the rest came from software, service, and media sectors, it said.

Earlier this month, China unveiled draft rules for the rollout of the registration-based IPO system across the domestic stock market, and started soliciting public feedback.

Zhang Yi, a senior analyst at PwC, said this major reform step will further improve the efficiency and predictability of audit and registration processes, which will provide better financing for enterprises, support sci-tech innovation, and invigorate those with core technologies.