Mainland China’s three stock exchanges had a sluggish first half, raising a third of the bounty from initial public offerings (IPOs) in Hong Kong, due to a regulatory crackdown that has hobbled fundraising since August 2023 and left the primary market in the lurch.
Some 50 companies raised a combined 33.6 billion yuan (US$4.7 billion) by selling new shares on the nation’s three exchanges, according to data compiled by Bloomberg. That was a third of the US$13.5 billion raised on the Hong Kong stock exchange, which leapfrogged 12 spots from a year earlier to become the world’s top-ranking IPO destination in the first half.
“As long as the regulatory curb remains in force, the IPO market won’t return to normalcy,” said Dai Ming, a fund manager at Huichen Asset Management in Shanghai. “But the good thing is that as a result, more good-quality companies in emerging industries will be listed going forward.”
Mainland China’s…
