A combined total of 300 initial public offerings are due to be made on the Shanghai and Shenzhen bourses this year, raising an expected 250 billion yuan ($40 billion) in funds, according to a report from international accounting firm PwC on Thursday.

According to Jean Sun, a partner at PwC China, more than 700 businesses have made applications for IPOs.

During the last two days of 2013, several applications were approved by the China Securities Regulatory Commission, marking the resumption of IPOs on the domestic A-share market after a suspension of more than a year.

"We expect manufacturing, retail and consumer goods, and technology to be the dominant industries," said Sun.