Economy News

12 Chinese IPOs on US market

TWELVE Chinese tech firms have already gone public in the United States this year, the highest numbers of Chinese initial public offerings in that market since 2014.

The latest example was Shanghai-based online lending platform PPDai, which debuted on the New York stock market over the weekend, raising US$270 million with an IPO price of US$13.

“PPDai’s IPO represents global investors’ recognition of China’s booming Fintech sector, an important part of the domestic economy besides the traditional finance system,” Zhang Jun, PPDai’s chief executive, said in a statement.

Last Thursday, search engine Sogou debuted at US$13 per share, giving the company a market value of US$5.4 billion.

The 12 Chinese companies that have gone public in the US this year made up the highest number since 2014 when 16 IPOs, including Alibaba's US IPO, went on the market.

Jianpu Technology Inc, a subsidiary of China’s online finance platform Rong360, has applied to raise US$272 million in the US this year.
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