Renaissance: Chinese US IPOs setting records
14 November 2007
The number of Chinese IPOs on the New York Stock Exchange and NASDAQ is growing at a record pace, according to a report by US-based Renaissance Capital, state media reported. According to the report, Chinese companies represented 12% of all US IPOs and outnumbered all other foreign companies' IPOs combined in 2007. Experts said the weakening of the US dollar against the yuan has been a major factor in the appeal of Chinese companies to US investors. Of the 24 Chinese companies that listed in the US in this year, 15 are currently trading above their offering price. The most popular Chinese IPOs have been in the internet, solar energy, online gambling, biotechnology, and telecommunications sectors.
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