Since the beginning of this year, with the global economy slowing down and credit losses expanding, the global IPO market has significantly cooled off. In the first half of the year, the growth of the IPO market was the slowest since 2003. In the first half of this year, the total funds raised by global listed companies amounted to $73.2 billion, which is less than 41% of the same period last year, making it the first half with the least funds raised since 2005. Moreover, in the second quarter of this year, US venture capital did not take any company public, which was the first time since 1978. So, under such a macro-environment, how does China's stock market perform in terms of IPOs compared to before? Can it not escape this fate? What will be the trend in the future? Recently, PricewaterhouseCoopers released a forecast report on IPO financing in mainland China and Hong Kong for 2008. To answer the above questions, *International Financing* magazine interviewed Mr. Feng Heping, the managing partner of PricewaterhouseCoopers in Beijing.