BREAKINGVIEWS-China’s Star IPOs are carrot to Beijing’s stick

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Hudson Lockett

HONG KONG, June 12 (Reuters Breakingviews) - Chip giant CXMT and robotics firm Unitree will debut on Shanghai’s tech board as regulators clamp down on investors chasing gains abroad. Onshore share sales by Hong Kong-traded AI firms can help boost interest but officials need more new listings to keep retail money at home.

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CONTEXT NEWS

ChangXin Memory Technologies and Unitree Robotics have both received approval to sell shares on the Shanghai Stock Exchange’s tech-focused Star Market, and are seeking to raise at least $4.4 billion and $620 million, respectively. The two initial public offerings are set to bring in more than double the total funds raised on Star year to date and would put the market on course for its best year since 2023, per figures from Dealogic.

China's securities regulator on May 25 said it will "resolutely crack down" on three Hong Kong brokerages for "illegal cross-border business operations".


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