Chinese companies seeking financing in the U.S. are coming up against increased scrutiny after accounting scandals emerged from 2 high-profile firms—casting doubts over plans for new listings and other financing plans
Data provider Dealogic says there are currently 15 Chinese companies planning to each raise between $10 million to $125 million in the U.S.
Luckin’s market cap, which had been as high as $10 billion in early March, had fallen to $1.1 billion before the company’s shares were suspended from trading on April 6. The Nasdaq isBrock Silvers, managing director of Hong Kong-based Adamas Asset Management, points to wider accounting problems in China, where the COVID-19 pandemic has taken such a heavy toll on so much of the economy.
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