Chinese initial public offerings have raised more than five times as much money as those in the US this year as a crop of fresh listings in the world’s biggest economy failed to appear after a dire 2022.
Rising interest rates, stubbornly high inflation and the recent turmoil in the US banking sector have dashed hopes of a recovery in companies floating on Wall Street.
European markets have also been moribund, leaving Asia — and particularly China — as the clear global leader in IPO markets this year, helped by an end to the tough pandemic restrictions and a new streamlined listings regime for the Shanghai and Shenzhen stock exchanges.
Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.
