A heavy sell-off in US-listed Chinese stocks in response to rules that could force mass delistings is testing the determination of Chinese issuers to go public in the Big Apple. Chinese question-and-answer website ZHIHU on Friday wrapped up a US$523m NYSE IPO, pricing the float at the bottom of the US$9.50-$11.50 range even though books were well oversubscribed and had closed early on Wednesday. The low-end pricing came after the US Securities and Exchange Commission said on Wednesday it would begin implementing the Holding Foreign Companies Accountable Act, which calls for the delisting of Chinese companies from US bourses if they fail to comply with US auditing standards for three vears in a row.
展开▼
