News Snapshot:
“China’s big technology companies, facing a crackdown at home over their dominance in online commerce and push into finance, are finding success in underwriting initial public offerings abroad,” reported Bloomberg . Online brokers, including the Xiaomi-backed Up Fintech Holding (also known as Tiger Brokers) and Tencent’s Futu Holdings, have been involved in almost every successful overseas share sale of Chinese firms in the past year. These include Chinese EV makers Xpeng’s US$1.5 billion US IPO and Li Auto’s US$1.1 billion US listing. Tiger has helped 26 Chinese firms with their US listing while Futu has been involved in half of...
