纽约时报中文网 - 英文原版-英Where Have All the Chinese IPOs Gone
June 26, 2024 2 min 323 words
《纽约时报》的这篇报道主要内容是：近年来，中国公司在美国股市上市（IPO）的活动明显减少，作者试图探究背后的原因。作者提到中国监管机构的审查收紧中美关系的紧张美国投资者对中国公司会计欺诈风险的担忧等因素，并引用了一些数据和实例来支持自己的观点。 评论：这篇报道在一定程度上反映了中国公司在美国上市面临的现状，但同时也存在一定的偏见和片面性。作者过度强调了中国监管政策的负面影响，而忽略了美国自身金融环境变化的影响。中国监管机构的审查收紧是出于加强金融监管保护投资者权益的需要，也是各国金融监管的共同趋势，并不仅仅针对赴美上市的公司。此外，作者也忽视了中国公司选择香港上海深圳等其他市场上市的情况，一定程度上夸大了中国公司面临的困难。该报道也忽视了美国监管机构对中概股的审查和限制，以及由此带来的中概股不确定性风险。该报道有其一面的合理性，但也一定程度上延续了西方媒体对中国报道的偏见。
There was a time when a Chinese internet company’s initial public offering was the hottest thing on Wall Street.
As the e-commerce giant Alibaba prepared to go public on the New York Stock Exchange a decade ago, the world’s biggest banks competed fiercely to underwrite the offering. When the opening bell rang on Sept. 19, 2014, stock traders cheered, wearing hoodies in Alibaba’s signature orange over their suits. The I.P.O. raised $25 billion, the biggest listing ever at the time. Scores of other Chinese companies raised billions in the United States over the next few years.
Those days are firmly in the past. Wall Street has not seen anything close to a blockbuster Chinese I.P.O. in three years. In fact, the drought is getting worse. So far this year, Chinese companies have raised about $580 million in U.S. listings, almost all of it last month from one I.P.O. by the electric vehicle maker Zeekr.
As the geopolitical relationship between China and the United States has deteriorated, it has become increasingly difficult for Chinese companies to find a foreign market where a listing might not be jeopardized by political scrutiny.
Things are hardly looking better in China. As part of a push by Beijing to assert greater control over the Chinese market, regulators have made it harder to go public, drastically slowing the pace of domestic listings. Around 40 Chinese companies have gone public at home this year. They have raised less than $3 billion, a fraction of the value typically raised by this point in the year, according to data from Dealogic.
If the current pace continues, this year will bring the fewest Chinese initial public offerings worldwide in more than a decade.