It is estimated that, over the past two years, billions of US dollars has been invested in so-called pre-IPO financings, where investors acquire a chunky stake in a private company in the expectation of quick returns when it lists.
The notion of pre-IPO financing is hardly new: private equity investors have for years acquired stakes in companies that later list on the stock market.
However, in recent years investors have targeted China and India, gambling on making a quick buck amid the prolonged stock market frenzy.
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