BEIJING -- Enterprises listed on the Chinese A-share market through initial public offerings (IPOs) and the funds raised hit record high this year, as the registration-based system has stimulated the market's vitality, the China Securities Journal reported Wednesday.

As of Tuesday, a total of 508 companies were listed on the Chinese A-share market, up 16 percent from the annual figure in 2020, said the newspaper citing data from financial information provider Wind.

The A-share market raised 527.3 billion yuan (about $82.77 billion), increasing by 9.7 percent compared with the total deal size of last year.

Over 70 percent of IPOs were issued through the registration-based system, with 386 firms listed on the Nasdaq-style sci-tech innovation board, the ChiNext board and the Beijing Stock Exchange (BSE), according to the news report.

The country has rolled out a slew of reform measures including the revision of the securities law, the implementation of a registration-based system and the debut of the BSE.

This marks the beginning of a new era for the Chinese capital market, said He Zhaofeng, a managing partner of EY Greater China. The capital market's role in serving the real economy and promoting industrial transformation is becoming increasingly important, the report noted.

The number of IPOs on the Chinese A-share market is expected to further increase in 2022 due to the smooth operation of the BSE, sci-tech innovation board and the ChiNext board, and more reform measures of the registration-based system, stated a report by the international consulting firm Deloitte.