Chinese companies have raised twice as much capital in equity markets so far this year as those in the US and Europe combined — even as a plunge in mainland markets has triggered turmoil around the world.
The unexpected bright spot, however, is more the result of China’s clunky regulatory process than a carefully planned cash grab, according to bankers, who say that the apparent deal spurt is the result of the length of time taken for approval to be granted — an uncertain process.
Globally, equity fundraising is running at its lowest in four years, with companies in the US and Europe raising just $9.9bn, according to Dealogic — less than half their levels at this point in any of the past three years.
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