Chinese enterprises have continued to lead global IPO activity in the first quarter of 2012, according to accounting firm Ernst and Young.

"China has always been a major area that leads the IPO activity since the global economic crisis, with the total amount of funds raised by Chinese enterprises reaching $78 billion from 2011 to the first quarter of 2012," Terence Ho, a China IPO specialist with the company, said at an IPO forum in Chongqing municipality.

Ho said the accounting firm is eager to further expand its business in the western regions of China and help more enterprises in the area quicken the pace of stock listings.

Chongqing currently has 10 enterprises on the IPO application list at the China Securities Regulatory Commission. Of the 683 on the list, 65 are from western areas.

However, for many private enterprises in Chongqing and other western provinces, accounting and management practices remain the biggest obstacle to listed status, according to Ho.

"Private enterprises need to keep their accounts based on international standards, rather than on the requirement of the way they are being taxed," he said.

Meanwhile, private enterprises need to introduce professional management teams to refine their management to brace for IPOs.

The municipal government has vowed to encourage more private enterprises to seek IPOs, according to its five-year plan on development of small and medium-sized enterprises, which was issued in November.

xuwei@chinadaily.com.cn