Chinese companies have raised six times as much money through share sales in Europe than the US this year, as exchanges in London and Zurich benefit from fraying geopolitical ties between the superpowers.
The fundraising haul marks the first time that Chinese corporate dealmaking in Europe has exceeded that in New York. It underscores the high stakes of a landmark audit inspection agreement between Beijing and Washington, which will be tested this month as the fate of about 200 Chinese companies’ listings on Wall Street hangs in the balance.
Five Chinese companies have raised more than $2.1bn on stock exchanges in Zurich and London this year, according to data from Dealogic. By comparison, less than $400mn in total has been raised from listings in New York.