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Chinese firms raise $1.9b in US

By Zhao Tingting (chinadaily.com.cn)
Updated: 2011-07-07 11:14

Led by a number of Internet companies, Chinese IPOs surged in the US in the first half of this year, Modern Express reported Thursday.

Related readings:  China's IPO volume and sums drop  Official confident in China’s IPO market  Chinese Internet firms rush for US IPO

According to statistics from New York Stock Exchange, a total of 10 Chinese companies launched IPOs in the US market and raised $1.9 billion in the six months of this year, up 225 percent from the same period a year ago.

Eight of the 10 companies belong to the technology, media and telecommunications (TMT) industry.

Due to investors' concern about China's inflation, recent market fluctuations and the financial fraud scandals of Chinese concept stocks, Chinese companies' IPO didn't perform as well as home, with 40 percent of them seeing a price drop on the first trading day.