Chinese Companies Flock to U.S. Listings Amid Economic Divergence
China's services sector shows stark contrasts as smaller, export-driven firms thrive while state-backed enterprises stagnate. The S&P Global China General Services PMI jumped to 52.6 in July - its highest since May 2024 - buoyed by surging export orders. Meanwhile, the official services PMI flatlined at 50.0, revealing structural cracks in the economy.
Against this backdrop, Chinese firms are accelerating U.S. listings at a record pace. Thirty-six companies went public stateside in H1 2025, following 2024's unprecedented 64 listings. SPAC mergers dominate the pipeline, with over 40 additional filings pending for Nasdaq - including traditional medicine manufacturers and ad tech players. Confidential submissions suggest 2025 may shatter last year's record.
