The total A-share IPO volume increased by 91 percent year-on-year to 201 in China in 2019, and total funds raised hit 2.53 trillion yuan ($363 billion), up by 83 percent from the previous year, said PwC on Thursday.

China's Nasdaq-style high-tech board known as the STAR Market has provided a more inclusive financing platform for the country's high-tech innovation companies since its opening in July. There were 70 companies listed on the STAR Market last year, raising total funds of 82.4 billion yuan. The proceeds accounted for 32 percent of the total fundraising of the A-share IPO market, according to data released by PwC.

"The STAR Market will encourage more high-tech companies to choose A-share IPOs, and promote the registration system reform in other A-share markets," said Thomas Leung, PwC's Chinese mainland and Hong Kong markets leader.

"We expect the A-share market will continue to thrive in 2020, with over 220 IPOs and total fundraising to be over 250 billion yuan in 2020," Leung said.

In terms of individual stocks, the top 10 IPOs in the A-share market raised more than 1 trillion yuan in total funds, accounting for 42 percent of the total fundraising of A-share IPOs in 2019. Postal Savings Bank of China ranked first with 32.7 billion yuan in funds raised.

Meanwhile, Hong Kong maintained its top three position in the global IPO market ranking for the seventh year as the world's leading IPO fundraising hub. Hong Kong's IPO market raised HK$315.5 billion ($40.55 billion) in total funds last year, a 10 percent increase from the previous year.