More than two-thirds of Chinese groups that have listed in the US this year have sunk below their initial public offering price, despite record levels of fundraising, as growing regulatory scrutiny hits investor sentiment.
The poor share price performance comes after 34 Chinese companies raised $12.4bn in New York floats in the first half of 2021, data from research provider Dealogic showed, an all-time high on both counts. That compared to 18 listings that raised $2.8bn in the same period last year.
That surge has delivered a record first-half windfall to Wall Street, with investment banks including Goldman Sachs and Morgan Stanley generating almost $460m in fees, according to Dealogic.
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