SHANGHAI - Asian companies accounted for almost half of the global stock offering haul in the first half of this year, with the three biggest deals all coming from the region as second listings by Chinese firms boosted volumes.
Chinese companies accounted for most of Asia's listings in the second quarter, as the world's second-largest economy emerged from the coronavirus pandemic sooner than other parts of the world. The growing trend of US-traded Chinese firms seeking to list closer to home amid rising global trade tensions also contributed to the heightened activity.
Biotech firms were some of the only companies completing IPOs when the equity market was slumping in March, with the sector emerging as winners from the pandemic driven by higher demand for health care. Asian health-care, pharmaceutical and biotech firms already raised US$8.6 billion through listings in the first half, almost as much as what was fetched in all of 2019.
Globally, the top three listings of the first half were all by Chinese companies. JD.com was the largest in the period, raising US$4.46 billion in its Hong Kong share sale. It's followed by Beijing-Shanghai High Speed Railway, which fetched US$4.34 billion on Shanghai's Nasdaq-style STAR board in January, and NetEase, which completed a US$3.13 billion second listing in Hong Kong in June.
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