(Yicai Global) Sept. 30 -- Almost 10 percent of the quickly rising number of fresh shares on China's mainland this year have fallen below issuance prices amid high price-to-earnings ratios.

Some 35 of the 371 new shares (as of Sept. 29) have dropped below the IPO price, according to data from Wind.

From January to September, some 373 companies went public on the two mainland stock exchanges, rising 26 percent from a year ago. They raised a total of CNY376.84 billion (USD58.3 billion), an increase of 6 percent.

With the growing number of listings, there has been a certain divergence in new equities' performance, Essence Securities wrote in a recent research report. Companies with high price-earnings ratios could lose short-term investment value due to their excessive premiums, it added.

The number of fresh IPOs on the mainland should continue to rise this year, while small and medium-sized enterprises in the sectors of manufacturing and technology are predicted to take the lead, according to Deloitte.

Shanghai’s Star Market and Shenzhen's ChiNext board are likely to attract the biggest share of IPO applicants in 2021, said the London-headquartered accounting firm. The two markets have adopted a registration-based IPO system that was created to make the application process more efficient. Almost 73 percent of all the new listings over the past three quarters were using the new mechanism.

The science and technology innovation-focused Star Market is expected to have from 160 to 190 IPOs this year, with a total fundraising sum ranging between CNY110 billion and CNY130 billion, Deloitte added. The Shanghai and Shenzhen bourses may record from 130 to 150 IPOs, garnering from CNY190 billion to CNY210 billion.

The Shanghai Stock Exchange could rank third among global bourses in terms of 2021 IPO proceeds as of today, followed by the Hong Kong Stock Exchange and the Shenzhen Stock Exchange, Deloitte added.

Editor: Emmi Laine, Xiao Yi