New listings on the A-share market in China experienced steady development in the first quarter, with manufacturing companies making up 70 percent of newly listed firms that grew by 20 percent year on year.

According to Deloitte China, 27 new stocks were listed on the A-share market in the first quarter, raising a total of 16.3 billion yuan (about 2.24 billion U.S. dollars).

The Shenzhen Stock Exchange led with 15 new listings, raising 8.8 billion yuan (about 1.21 billion U.S. dollars), the highest among the three major exchanges.

The manufacturing sector saw the most growth, reflecting the country's support for the transformation and upgrading of the industry.

"In the first quarter, the A-share market saw steady development in terms of initial public offerings (IPO) speed and capital raised. The manufacturing sector's growth stands out, which shows the government's support for the sector's transformation and upgrade. By utilizing the capital market for direct financing, these companies have the opportunity to raise more funds for long-term technological improvements and capacity expansion, laying a solid foundation for their future growth," said Wang Kai, chief strategy analyst at Guosen Securities.

The China Securities Regulatory Commission (CSRC) stated that this year, the government will continue to strengthen support for sci-tech innovation and the development of new quality productive forces.

It will back high-quality sci-tech companies that are not yet profitable in their IPOs to better promote the integrated development of scientific and technological innovation with industrial innovation.