Software & Services (a sub-sector of Information Technology) constitutes about 5% of all listed companies on HKEx. As of 31 December 2014, there are 86 Software & Services companies listed on HKEx, including 52 Mainland enterprises, 28 Hong Kong companies, 1 Macau company and 5 international companies (Japan, Malaysia, Taiwan, Canada and US). The average P/E ratio for this sector is 21.8 times as of 31 December 2014. IPO fundraising activities of this sector have been strong in the past few years. During November to December 2014, there were 2 listings from Software & Services sector raising a total of US$179 million funds.