Authorities in Shanghai reacted swiftly as the city of 26mn entered a two-month lockdown, dispatching a squad of cadres to safeguard one of the most precious resources in China’s financial capital: initial public offerings.
As residents flooded social media with complaints about life under house arrest, China’s securities regulator sent officials to camp out at Shanghai’s stock exchange for the duration — by day, grilling listings applicants via videoconference before signing off on share sales, and by night sleeping on cots and inflatable mattresses, according to people familiar with the matter.
Their presence ensured a steady flow of deals even in the depths of lockdown and helped bring total fundraising from new listings in China to almost $35bn this year, more than double the $16bn raised on Wall Street, according to data from Dealogic.