Funds raised by technology start-ups’ public listings in mainland China are on track for the first annual drop in seven years as Beijing’s crackdown on the lucrative sector sends investors in search of alternative markets.

Initial public offerings by tech companies on mainland China’s stock exchanges have raised about $14bn in 2021, according to data from Dealogic, trailing last year’s total by $2.3bn as bankers in Shanghai and Shenzhen head into what is typically a quiet period for deals.

Tech listings in India, meanwhile, have raised $2.6bn this year, a jump of 550 per cent compared to last year’s total and an all-time high even before the IPO of Paytm, which is expected to bring in a record $2.5bn this week after pricing at the top end of its range on Friday.