China's stock markets continued to rise in March, despite slumps in late February; and the IPO Indicator reached an historic high at the end of the period, up 12.5 points, to 244.5 from the previous month's score of 232.0.

Four equities were added to the indicator, which comprises small and medium- sized enterprises listed on Shenzhen Stock Exchange.

Of the ninety-two stocks included in the March indicator, nineteen declined in price, while seventy-one increased. The rise in the IPO Indicator score is attributable chiefly to gains in financial-sector stocks; the Bank of China (A share, 601988; H share, 3988), Industrial and
Commercial Bank of China (A share, 601398; H share, 1398), and Industrial Bank (A share, 601166) together contributed to 58 percent of the increase in score.

Given the large market-capitalization share of bank stocks in the indicator, the sector will continue to influence scores. In addition, energy and infrastructure equities, including China Coal (H share, 1898) and Daqin Railway (A share, 601006), showed ongoing strong performance. Two companies were removed from the indicator, and four newly listed companies were added.