Chinese companies are staring at the prospects of a drought of new equity capital as tougher domestic IPO rules and challenges in listing overseas severely curb their fundraisings, putting at risk the floundering economy's recovery.
Item 1 of 2 People walk by office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. REUTERS/Aly Song/File PhotoSHANGHAI/HONG KONG, March 28 -
However, sharper scrutiny of IPO hopefuls in the U.S. amid geopolitical tensions and a weaker Hong Kong market will stymie offshore listings for many, highlighted by Alibaba's These are the kinds of companies that are the crucial drivers of economic growth and employment in China. "When the economy is slowing, you should make use of the capital markets to help companies wade through difficulties as soon as possible," said Yang Chongyi, a financial adviser who helps Chinese companies list overseas.China this month unveiled a set of rules to tighten scrutiny over IPOs, public companies and underwriters. In addition, it curbed IPOs also to reduce equity supply and ease selling pressure in a wobbly secondary market.
Five of them, including Kepuni Holdings and Huajin Holdings Ltd, are aiming for a U.S. listing, while the rest are eyeing Hong Kong. Chinese firms also need to go through a regulatory approval process, kicked off last April, to list offshore.
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