American markets are great again for Chinese IPOs GinaChon
Chinese companies listing on U.S. stock exchanges have made up about 16 percent of 43 initial public offerings this year, according to Refinitiv data as of May 6. That is in line with figures in 2018, when the most Chinese firms listed in America since 2010. Last year, 33 Chinese companies went public on U.S. exchanges out of a total of 199 offerings.
One of the latest companies to make that move is Beijing-based Luckin Coffee, which said on May 6 that it plans to issue 30 million American depositary shares at between $15 and $17 each. That would raise about $510 million at the top of the price range, implying a valuation of about $3.9 billion. Underwriters have the option to increase the offering by 4.5 million shares, which would boost the total raised to $587 million.
Separately, Chinese Vice Premier Liu He plans to meet with officials of the administration of President Donald Trump on May 9 and 10 in Washington. U.S. Trade Representative Robert Lighthizer said on May 6 that China had backpedaled on certain commitments in the trade negotiations, prompting the White House to announce it would move forward with a threatened increase in tariffs on $200 billion worth of Chinese goods. The levy would increase from the current 10 percent to 25 percent on May 10.
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