An average 43 per cent return may be why initial public offerings in China this year dwarf traditional financial centres such as New York and London.
From London to Hong Kong, large initial share sales have all but dried up across the world’sInitial public offerings on mainland exchanges have climbed to a record $US57.8 billion in 2022, according to data compiled by Bloomberg. There have been five IPOs of above $US1 billion since January, and one more is on the way. That’s versus just one such sale each in New York and Hong Kong, and none in London.
“Companies have a stronger willingness for IPO because they see the first half as a better time window to get listed than the time ahead,” said Shen Meng, a director at investment bank ChansonCo. “They have a weaker outlook for the market and worry that factors including earnings uncertainty could make listing in the future harder than now.
Meanwhile, China’s benchmark CSI 300 Index has fallen about 16% since Dec. 31 -- one of the worst performers among major global equity gauges -- as investors have had to grapple with stringent Covid curbs, a deepening real-estate crisis and a continued crackdown on internet giants.
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