Nasdaq Inc. is cracking down on initial public offerings (IPOs) of small Chinese companies by tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers.
Only 30 IPOs were recorded from companies in China's technology in the first half of this year, media and telecommunications (TMT) sector, compared with 40 during the second half of 2018, data from PwC showed.
The gory details of China's stock market scandals are beloved by the financial media. Who could resist a story in which a company, Kangmei Pharmaceutical, blames an "accounting error" for overstating its cash holdings by as much as $4 billion? And who could stifle a snigger when another Chinese company, China Animal Healthcare, claimed that five years of accounts were lost when a truck carrying them was stolen?