The Chinese initial public offering market is expected to explode in 2016, according to a new report released by PriceWaterhouseCoopers.

The research and consulting firm said that the number of IPOs expected to float on the Shanghai and Shenzhen stock markets may outpace the rest of the world. The report said that the Chinese markets could see as many as 400 IPOs this year that will raise and estimates 250 billion yuan to 300 billion yuan ($38.4 billion to $46.1 billion).

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That figure is a distinct increase from the 125 IPOs launched in 2014 and the 219 IPOs in 2015. Last year,  companies raised 158.6 billion yuan ($24.4 billion) through IPOs on the Chinese mainland despite the fact that a volatile market ended up shelving a lot of IPO plans.

In its report, PriceWaterhouseCoopers  surveyed 290 emerging companies, 80% of which said they were planning to go public in China's capital market.

When deciding which stock market to have their IPO, most companies surveyed by PriceWaterhouseCoopers said their main concerns were the time required to verify applicants, the transparency of IPO procedures, and the profit requirements. The survey showed that recently enacted stock listing reform by China will help ease some of those concerns.

In 2015, Hong Kong passed the U.S. States to become the largest IPO market, with nearly 216 billion yuan ($33.2 billion) raised.

The report is bolstered by data from Bloomberg that shows that fewer Chinese companies have been looking abroad to float their companies' shares. In 2015, the number of overseas listings by China-based companies plummeted to 14, worth a combined $666 million. This is far cry from the $29 billion in overseas IPOs just one year earlier.

TagsChina’s IPO Market Set to Explode in 2016, initial public offering, IPO, PriceWaterhouseCoopers, survey