Europe overtakes US for first time to become biggest IPO market for Chinese companies
DATA STOCKS
Europe overtakes US for first time to become biggest IPO market for Chinese companies
DATA STOCKS

Europe overtakes US for first time to become biggest IPO market for Chinese companies

 

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Europe has overtaken the US for the first time in terms of the amount of proceeds raised by Chinese companies from IPOs and secondary listings, according to data from UK financial markets platform Dealogic.

Five Chinese companies secured over $2.1 billion through listings on the Zurich and London stock exchanges this year, compared to less than $400 million raised by Chinese companies in New York, according to the data.

China expanded its stock connect mechanism, which has been linked to Hong Kong and London, to Switzerland and Germany in February. Battery giants Ningbo Shanshan, GEM and Gotion High-Tech and building materials maker Keda Industrial Group were the first mainland companies to go public on the Six Swiss Exchange after the China-Switzerland stock connect program began to issue global depositary receipts on July 28, raising a combined $1.5 billion.

Carbon products supplier Fangda Carbon, biomedical firm Lepu Medical Technology, chipmaker Will Semiconductor, drinks producer Eastroc Beverage and many other Chinese companies are also planning flotations on the Six Swiss.