A-share IPOs in China are expected to reach a 10-year high in 2021, PwC announced during a press briefing conference on Monday.

The accounting firm forecast that the number of IPOs in China this year will range between 430 and 490, with the total funds raised hitting between 450 and 480 billion yuan ($70-74 billion), said Thomas Leung, markets leader of PwC China.

"The new pattern of 'dual circulation', the strategic opportunity of the 14th Five-Year Plan and the full implementation of the registration system all help A-share IPOs maintain a good momentum," he said.

Theodore Deng, an assurance partner of PwC China, attributed this outlook to the sound performance of the Chinese economy and the further strengthening of economic recovery due to the emergence of the COVID-19 vaccine.

He also expressed his belief that the government will further guide the internet industry to better guide the economic recovery and promotion this year, seeing how these enterprises had boosted China's economy during the pandemic last year.

Last year, the Chinese A-share market welcomed 395 new listings that raised a total of 471.9 billion yuan in funds, a year-on-year increase of 97 percent and 86 percent respectively.

The report also revealed the Shanghai and Shenzhen Stock exchanges had more new listings and funds raised than the NYSE and Nasdaq in 2020.

The STAR Market was ranked first among all boards in China's A-share market last year, raising some 226.6 billion yuan. Of the top 10 IPOs, the STAR board accounted for seven. The firm expects the STAR Market to have 150 to 170 IPOs and 200 to 210 billion yuan in funds raised this year.

Jean Sun, firmwide corporate services partner of PwC China, noted that the implementation of the registration system has accelerated the flow of A-share IPOs and in 2021, it is likely to be fully integrated into the main and SME boards.

Wu Miaomiao contributed to this story.