Chinese companies’ fundraising on Wall Street fell by more than half this year, with many companies forced to cut their valuations and lean on existing investors to get their initial public offerings across the finish line.
While the number of new Chinese listings on Nasdaq and the New York Stock Exchange fell to 25 companies from 33 last year, the amount of capital raised in the deals plummeted to $3.4bn from $9.2bn in 2018, according to Dealogic data.
Bankers and lawyers say many companies had to cut their valuations and bring in demand for shares from existing shareholders or associates in what are referred to as “friends and family” deals, deepening a trend that started last year.
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