...China’s stockmarkets began falling in the second half of 2023, then plunged in early 2024 (see chart).
This led to regulatory scrutiny of new IPO's
...On top of on-site inspections, regulators now review companies’ past business deals and trawl through executives’ bank accounts, according to Reuters, a news agency. Faced with this, at least 80 companies withdrew their ipo applications in the first quarter of 2024.
When IPO exits are harder, fewer VC's want to invest:
...Just five Chinese companies listed on domestic bourses in April, down from 35 in April 2023. The ipo market raised 80% less capital in the first four months of 2024 than in the same period the previous year.
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