BEIJING - Chinese technology IPOs led in volume and proceeds globally in the first quarter of 2016 amid worldwide decline, according to a report by international accounting firm PwC on Monday.

China saw three technology IPOs worth a combined $267 million in Q1, the highest in the world, followed by India with two technology IPOs worth $133 million.

However, the growth rate slowed as the nation's technology IPO volume dropped from six with $551 million in proceeds in the prior quarter; and from eight IPOs valued at $1.1 billion when measured year on year, the report pointed out.

"Uncertainties in the domestic stock market were fueled by the postponement of the launch of the New Board of Strategic Emerging Industries, as well as the new registration-based system and controls on new share issuance," said Jianbin Gao, PwC China TMT leader.

The three technology IPOs span communications equipment, semiconductors and electronics sub-sectors. The Shenzhen Stock Exchange accommodated more IPOs than any other exchange in Q1.

Measures by China to improve market sentiment, including easing monetary policies and cutting the reserve requirement ratio, played an encouraging role, the report pointed out.

Globally, Q1 saw technology IPO proceeds worth $769 million, a 93 percent drop from the previous quarter. Additionally, cross-border listings dropped in volume from four in Q4 2015 to two in Q1 2016. These contributing factors made this the first quarter since 2008 that total global proceeds were valued under $1 billion.

"Despite a slow start, there is cause for optimism ahead. The establishment of a multi-layer capital market, especially the reform of China's National Equities Exchange and Quotations, will be a forthcoming highlight for the China market. We anticipate the number of IPOs in China's domestic capital market could reach a new historical high," Gao added.