BEIJING — The performance of China's A-share IPO market was strong in the first quarter of 2017, according to a report by international accounting firm KPMG Tuesday.

A total of 134 IPOs worth a combined 70 billion yuan (about $10 billion) were recorded, the highest Q1 figures since 2014, the report said.

Within that total, the Shanghai Stock Exchange recorded 65 IPOs with a combined 42 billion yuan raised, up from nine new listings and 5.1 billion yuan raised over the same period last year.

The Shenzhen Stock Exchange, on the other hand, saw IPO volumes hit 28 billion yuan from 69 IPOs, both of which were four times higher than the first quarter of 2016. Shanghai and Shenzhen were ranked second and third globally in terms of total IPO proceeds raised.

The Chinese mainland stock markets grew steadily on the back of a stabilizing economy and improved market sentiment, providing a favorable environment for new listings, according to the report.

In Hong Kong, the IPO market was active in terms of the number of new listings, particularly with respect to GEM listings. A total of 39 companies (20 on the main board and 19 on the Growth Enterprise Market) went public in the first three months of 2017, an increase from 13 listings on the main board and six on the GEM over the same time last year.

However, IPO proceeds recorded a year-on-year decline of 56 percent due to the absence of sizeable deals.