A new “pet project” is trotting its way from China to Wall Street, with potential to become the biggest new Chinese IPO in New York in more than a year.
This particular project comes from New Ruipeng Pet Group Inc., which looks like an interesting bet on the huge potential of China’s fast-growing pet market. That’s because the company is head-and-tail above its rivals, operating three times more pet clinics and hospitals than its nine closest rivals combined.
But this project also comes with a major choke collar in the form of a sudden contraction in Ruipeng’s business at the end of last year. China watchers will know that Ruipeng certainly wasn’t alone in experiencing such a contraction, as the nation imposed some of its toughest-ever measures to control the spread of Covid in October and November.