Nasdaq to tighten listing rules, restricting Chinese IPOs, sources say GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Nasdaq Inc. is set to unveil new restrictions on initial public offerings , a move that will make it harder for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday.
The new tightening of the listing standards reflects the bourse operator’s concerns about some Chinese companies seeking U.S. IPOs. Last month, Luckin Coffee, which had a U.S. IPO in early 2019, announced that an internal investigation had shown its chief operating officer and other employees fabricated sales deals.
Small Chinese firms pursue these IPOs because they allow their founders and backers to cash out, rewarding them with U.S. dollars they cannot easily access because of China’s capital controls. The companies also use their Nasdaq-listed status to convince lenders in China to fund them and often get subsidies from Chinese local authorities for becoming publicly traded.
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