A record number of companies are abandoning attempts to list on China’s answer to the Nasdaq, as regulators increase scrutiny of technology businesses after scuppering Ant Group’s $37bn initial public offering.
A Financial Times analysis of figures released by Shanghai’s Star Market, which was launched to fanfare in July 2019, shows a record 76 companies suspended their IPO applications in March, or more than double the previous month.
The flurry of cancellations pushes the total number of aborted attempts to list on Star to more than 180. In November, the month that Beijing pulled Ant’s listing due to concerns over its lending business, the total number of cancelled IPOs stood at just 12.
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