IPO center moved east to China from the United States

American Bloomberg September 17th article, original title: The American IPO market is sluggish, and the listing centers of the listing activity enter to the east of China

With the waves of market fluctuations and the plunge in the stock market, almost all the large -scale listed activities in the United States have stalled, and the world's first public offering (IPO) activity centers have moved eastward to China. Data compiled by Bloomberg show that this year's Asian stock listing activities raised a total of US $ 104 billion, and the proportion of US $ 153 billion in total global fundraising reached 68%of the record. In contrast, the US IPO accounted for only 14%, down to the lowest history.

Asia's strong performance is mainly due to China. Even when interest rates rising and declined in the first stock sales of most major markets, China's IPO activities are still in full swing. Data show that of the 10 largest listing activities in the world this year, six are listed on Chinese companies in the China Stock Exchange (that is, A -share market) or Hong Kong. "In 2022, with the world's response to inflation and global tensions, from the perspective of transaction volume, the IPO center has shifted to the east," said Wang Yajun, co -headed by Goldman Sachs Asia (except Japan) stock capital market. "Given that some of the considerable Hong Kong IPOs are waiting in line before the end of the year, it seems that this trend is sustainable."

In the United States, the unfavorable market conditions have been forced to be postponed or completely canceled by some of the high hopes. It was not until the last week that New York launched an IPO event of more than $ 1 billion. In contrast, the numbers in Asia and the Middle East are 12 and 4, respectively. The delayed US transactions have further expanded the market gap in the market that was originally withdrawn from Chinese IPO candidates. Companies from Mainland China or Hong Kong this year only raised $ 636 million in New York, and this number was close to $ 16 billion a year ago.

Earlier, Chinese companies may be forced to withdraw from the U.S. delisting, plus the deterioration of Sino -US relations, have prompted Chinese companies that have listed in the United States to raise tens of billions of dollars funds through the "return listing" in Hong Kong or Mainland China in recent years. For them, another attraction is to get higher valuations in the domestic market. This year, some of the largest Asian listed activities come from companies that have been forced to delist from the New York Stock Exchange. For example, China Mobile and CNOOC raised a total of $ 14 billion by returning to Shanghai City. In Hong Kong, there are signs that the launching activities that have slowed down in the first half of this year are also becoming active.

Even if China and the United States have reached a preliminary agreement on auditing issues, considering that the relationship between the two countries has continued to be tight and more and more alternative options, people still doubt whether Chinese companies that go to New York will return to their previous level. "Now China (stock) issuance enterprises have more options when they need overseas financing," said Zhu Zhengqin, director of China, China Investment Banking Department of UBS, said that these companies can also use the stock market between China and Europe Advanced.

In fact, for Chinese companies, Europe is becoming more attractive than the United States. This year, Chinese companies have raised approximately $ 2.3 billion in Europe through China and Germany, Switzerland, and Britain. ▲ (Author Julia Foliti, etc., translated by Wang Huicong)

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