A flurry of Chinese tech companies are set to tap capital markets this year, kicking off with an offering from Baidu’s iQiyi, a Netflix-style streaming platform that could raise up to $2.7bn.
This year’s pipeline follows a bumper year for initial public offerings from Chinese tech groups in 2017, with 88 issuers raising $7.6bn globally, according to data from Thomson Reuters — about double the previous year’s volume.
However, just two deals in 2018 — the iQiyi offer and an expected IPO for fintech group Lufax — could enable to China tech new listings market easily to eclipse 2017’s total. Thomson Reuters projects China tech and telecom IPOs will raise almost $30bn in the year, about quadruple last year’s volume.
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