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The stock market price of Chinese retail companies dropped by more than 60% in the second quarter, while Beijing executives increased their deficit.
Since the beginning of April, the first public offering of Chinese stock exchanges around the world has reached $ 6bn, down about two-thirds from the first quarter, according to Dealogic.
The share of technology lists as part of all Chinese IPOs also fell to a two-year low, by only 21% of the more than $ 28bn raised during this period.
The decline comes as modern-day Chinese groups have faced challenges from Beijing, which in recent months has launched a campaign to highlight the biggest names in the industry.
Authorities banned $ 37bn IPO Ant Ant, a billionaire-controlled fintech group Jack Ma, in November, and ordered the business to remodeling. Officials have also advised technical groups on what they consider to be their best interests, including fines for Ant’s sister of ecommerce Alibaba’s recording $ 2.8bn.
“The issue of management in China is another very important issue because it doubts how you can present your business – it is especially true for financial services companies,” said Frank Benzimra, chief of Asian operations at Société Générale. “This is very important for companies looking for an IPO.”
The program of a major fall in the technology of IPOs The second quarter is compared to the first quarter, in which the groups earned more than $ 15.3bn from stock exchanges in Shanghai, Shenzhen, Hong Kong and New York.
It came back even more with the proliferation of Chinese IPOs, as the world’s first and second world lists recorded $ 65.4bn in the first six months of the year, the Dealogic data show.
More of a dot came to Hong Kong. The city’s exchange has not seen a single list of technologies from China up in the past three months, following $ 8.6bn in IPOs in the first quarter.
Louis Tse, Hong Kong’s director general of Wealthy Securities, said the shock was due to the global shift in investors’ stocks from rising stocks and falling stocks in Chinese companies. looking for secondary listings in the city.
Last year, Chinese internet marketing groups in the US including JD.com, NetEase and Baidu raised billions of Hong Kong dollars as concerns mounted over his ability to travel to New York. The US issued the law in December by force removes companies who fail to follow American accounting rules.
“It’s over because. . . “After several consultations in Hong Kong there are not many companies left,” said Tse.
However, Chinese IPO tech can be set up to return. Chinese car manufacturer Xpeng said Friday it will seek to raise $ 2.3bn from the Hong Kong list with sales to begin next month. Public rider Didi Chuxing wants to raise $ 4bn on a list that could be on the NYSE’s list in the coming weeks.
Jason Elder, a colleague of law firm Mayer Brown, said the absence of Chinese technical lists in Hong Kong for the second quarter was “strange and unpleasant” but added that there was no way the process could begin at the end of the year permanently.
“I don’t think it’s a market sign to lose interest or a technical openness – I see this as a matter of time,” he said.
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