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China IPOs: peak listings presage tougher going in the second half

Companies have been racing to raise money while the window remains open

Record new listings in China are bucking the global trend. Issuers raised a historic $58bn this year even as global listing volumes halved. But the sudden boom should make investors wary. Debutantes are raising money while they still can.

Mainland Chinese markets — the Shenzhen Stock Exchange and Shanghai Stock Exchange — have taken the world’s top spot for both volume and fundraising amount. Five listings exceeded $1bn, far outpacing those in Hong Kong, which has long held the world’s top spot for listing volume.

Until last year, mainland China’s listings accounted for just a tenth of funds raised globally. Those have now grown to nearly half of the world’s total, according to Bloomberg data.

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