The number of initial public offerings on the Shanghai and Shenzhen stock markets is expected to increase rapidly in the current year - and their total value will grow substantially - after 227 took place in 2016, a 3.7 percent rise from the year earlier, according to accounting and auditing firm PwC.

The firm said that the value of IPOs in 2016 fell by 5.2 percent to 150.4 billion yuan ($21.6 billion).

Data released by PwC on Tuesday show that 103 IPOs were completed on the main board of Shanghai Stock Exchange with a value of 101.9 billion yuan in 2016 - and the number of IPOs completed on Shenzhen SME Board was 46 with a value of 22.7 billion yuan.

PwC said there has been a spurt in the number of IPOs since August, as the China Securities Regulatory Commission moved to accelerate the pace of listings.

"Due to global instability and IPO suspension and resumption in 2015, the A-share market was still in recovery mode in the first half of 2016, resulting in a moderate increase in IPOs from a low point," said Frank Lyn, a senior partner and the head of markets at PwC.

"Generally speaking, the second half of 2016 saw a stable market operation and accelerated IPO verification, which are expected to be sustained," he said.

Based on the figures in the second half of last year, Lyn forecast that the number of companies to complete IPOs on both stock markets would reach 320 to 350 in 2017 and the size of deals would hit 220 to 250 billion yuan.

The launch of Shenzhen-Hong Kong Stock Connect will also attract international investors to the A-share market and increase their knowledge of the Chinese market and companies, said Wilson Chow, assurance partner at PwC China.

The sectors that dominated the number of IPOs on the main Shanghai and Shenzhen boards in 2016 were the retail, consumer goods and services, IT and telecommunications, as well as the financial service sectors.

PwC said also of note is the number of city and rural commercial banks lining up for IPOs, after the A-share market reopened its doors to commercial lenders after a regulatory halt since 2010.

Last year, Bank of Shanghai Co Ltd raised 10.7 billion yuan from its IPO, ranking first among its peers, followed by Bank of Jiangsu Co Ltd with 7.2 billion yuan.

The number of companies listed on the National Equities Exchange and Quotations market, also known as China's "New Third Board", experienced a rapid growth from 356 at the end of 2013 to 10,163 as of 2016, raising 116.5 billion yuan last year, according to PwC.

"By giving strong support to the New Third Board, the government is paving the way for IPO registration system reform," said Jean Sun, assurance partner of PwC China.

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