China’s Tech Giants Are Muscling In on Lucrative IPO Market
- Tiger Brokers helped on 26 China listings in the U.S. in 2020
- Entrepreneurs favor internet brokers with large retail base
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China’s big technology companies, facing a crackdown at home over their dominance in online commerce and push into finance, are finding success in underwriting initial public offerings abroad.
Online brokerages backed by Xiaomi Corp. and Tencent Holdings Ltd. have been hired to help arrange almost every blockbuster overseas share sale by China’s new economy firms over the past year such as XPeng Inc. and Li Auto Inc.