(Yicai Global) March 28 -- Proceeds from initial public offerings on the Chinese mainland stock exchanges plunged 70 percent in the first three months from the same period a year earlier, but most of the stocks gained in value on their debut.

Some CNY54.4 billion (USD7.9 billion) was raised by IPOs between Jan. 1 and March 27, far below last year’s CNY179.9 billion (USD26.2 billion), according to data platform Wind Information. Sixty-two companies went public over the period, compared with 86 a year earlier.

However, the performance on the first day of trading was very strong, and the 62 stocks soared 42.1 percent on average. This bucks a previous trend when new shares quickly lost ground on their debut.

Six of the new stocks doubled in value, four of which were on Shanghai’s Nasdaq-like Star Market. But it was Shenzhen’s ChiNext Board that raised the most funds at CNY24.1 billion (USD3.5 billion).

Shanghai Information2Software was the best performer, soaring 176.7 percent on the first day. While Zhejiang Taotao Vehicles did the worst, closing down 20.1 percent.

Eight of the IPOs were on the Star Market, 13 on the ChiNext Board, 21 on the Beijing stock exchange, eight on the Shenzhen stock exchange’s main board and 12 on the Shanghai stock exchange’s main board.

Twenty-six brokerages acted as underwriters for the 62 IPOs, earning CNY3.8 billion (USD552.4 million) in sponsorship fees, compared with CNY8 billion a year earlier.

Editors: Xu Wei, Kim Taylor