TikTok rival loses steam: World's roughest IPO this year is Chinese firm
The three biggest money losers among large listings in 2021 are
all Chinese, thanks to the country’s widening tech crackdown.
Investors who bought Kuaishou Technology after the TikTok rival
went public in Hong Kong have notched the widest peak-to-trough slump among
global initial public offerings this year. New York-listed DiDi Global Inc.,
which was hit by a data security probe in July, has fallen 54% while video-app
firm Bilibili Inc. is down by nearly half from peaks touched this year.
Kuaishou, which runs a video streaming app on the mainland, is
down about 80% since it hit a Feb. 17 peak less than two weeks after it raised
$5.4 billion in Hong Kong’s largest float in 2021. That is the largest plunge
from a high among the 36 companies that raised more than $1.5 billion worldwide
in 2021 from IPOs, Bloomberg data show.
Kuaishou’s slump illustrates the fizzling appetite for
offshore-listed China shares
since Beijing began clamping down on a wide swath of private firms.
Meanwhile, Robinhood Markets Inc., the
popular trading app that listed just over two months ago,
ranks seventh, having tumbled 40% from its August
peak.
Comments
Post a Comment