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China brought in half of equity capital raised

China brought in half of equity capital raised globally this year so far, setting a record that highlights the economy’s earlier revival from the COVID-19 pandemic, plus the degree to which soured US relations are turning Chinese firms homeward. China-based companies sold shares worth $32.1 billion in January-June including multi-billion-dollar secondary listings in Hong Kong, equivalent to 49.8 per cent of worldwide offerings, showed data from Refinitiv. The total for US firms was $15.8 billion.

Chinese fundraising has been helped by the popularity of Shanghai’s year-old growth-focused STAR Market, as well as well-received initial public offerings (IPOs) in Hong Kong and the massive secondary listings – including the $3.9 billion raised by e-tailer JD.com Inc this month and $3.1 billion by games developer NetEase Inc.

In May, just weeks after former market darling Luckin Coffee Inc said its sales had been falsified, the US Senate passed a bill that could force Chinese firms to delist if they do not allow the Public Company Accounting Oversight Board to access their audited accounts for three consecutive years.

The figure includes the $510 million raised by Kingsoft Cloud Holdings Ltd in early May in the first major US IPO since the coronavirus outbreak – and the first since Luckin’s disclosure. Its stock has since risen nearly 60 per cent.

“We were under lot of pressure because if this one had failed, basically the US market could have potentially closed the door to all Chinese companies,” said Huang at JPMorgan, a lead underwriter for the deal.

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