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Listing requirements in the financial hub and mainland China are also more stringent, making deals there far from certain. Nearly 40 per cent of that came from US deals.īankers now say they expect the majority of Chinese IPOs aimed for American exchanges to be suspended or diverted to other venues, eating into projected revenue for the year given the significantly lower fees in Hong Kong. The moves imperil the frenetic dealmaking seen during the pandemic, and the lucrative business of offshore listings that had pulled in some $US6.4 billion in fees since 2014, when Alibaba’s began trading in New York. Simultaneously, President Xi Jinping stepped up oversight of big technology firms, partly to secure the treasure trove of data they control. In December, Donald Trump signed a bill that could delist Chinese companies that did not meet audit inspection rules.

As underwriters totted up a record $US1.5 billion ($2 billion) in fees last year from helping Chinese firms with initial public offerings offshore, relations between China and the US were at a low ebb. The warning signs had flashed for a while. On Saturday, a cyber security review was proposed for companies with data on more than 1 million users before they seek to list in foreign countries.Ĭhina’s post-IPO crackdown on Didi Global helped sour the mood for Chinese IPOs in New York.

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Deals are being shelved and investors are nursing heavy losses.Ī chill has settled over global finance after a fortnight in which China first cracked down on its Uber-like Didi within days of a US trading debut, followed swiftly by the State Council announcing closer scrutiny of all offshore listings. Just months after bankers celebrated a record haul from taking Chinese companies public in New York and Hong Kong, they have had a rude awakening.