New listings in China this year have raked in more than double the amount raised on Wall Street, after officials camped out at Shanghai’s stock exchange during the city’s strict lockdown to ensure a steady flow of deals, reports the Financial Times.
Total fundraising from initial public offerings in China has hit almost $35 billion this year, compared with just $16 billion on Wall Street, according to data from Dealogic.
The strong showing for China’s IPO market came as authorities in Shanghai reacted swiftly after the city of 26 million entered a two-month lockdown, dispatching a squad of cadres to safeguard what is one of the most precious resources in China’s financial capital.