Chinese IPOs in New York will gain pace again

Significance

This was the highest-value Chinese IPO in New York since China's ride-hailing giant Didi was fined over CNY8bn (USD1.2bn) in July last year for listing against the express instructions of the Cyberspace Administration of China (CAC).

Impacts

• The major loophole that major Chinese tech firms have used for listing overseas is now condoned and legalised, but subject to more scrutiny.
• US regulators now seem sufficiently satisfied about their access to Chinese audit data, potentially ending a years-long dispute.
• Listing in Hong Kong remains available and attractive to Chinese firms, but rules there can be even stricter than in New York.