/Trade war hasnt stopped Chinese companies from listing in the US: Nasdaq

Trade war hasnt stopped Chinese companies from listing in the US: Nasdaq

Eric Siliang Tan, (C) Chairman and CEO of Qutoutiao Inc., poses with company officials during the company's IPO at the Nasdaq MarketSite in New York City, U.S., September 14, 2018. 










Brendan McDermid | Reuters

Eric Siliang Tan, (C) Chairman and CEO of Qutoutiao Inc., poses with company officials during the company’s IPO at the Nasdaq MarketSite in New York City, U.S., September 14, 2018. 

Tensions between Washington and Beijing may have dominated business headlines throughout the year, but that did not stop Chinese companies from flocking to the U.S. to list on stocks exchanges there.

In fact, there were more Chinese initial public offerings in the U.S. this year compared to 2017.

There were 37 IPOs by Chinese companies in the U.S. this year, raising a total of $9.2 billion, according to data by law firm Baker McKenzie. That’s an increase from last year’s 20 IPOs that raised $3.6 billion, the statistics showed.

Nasdaq, which attracted several large initial public offerings by Chinese companies this year, said it is still “rigorously” luring Asian firms to list on its exchange.

“There are small groups of companies who will decide to list somewhere else besides the local markets here in Asia, and we vigorously pursue them and believe that they belong on Nasdaq,” Bob McCooey, Nasdaq’s Asia Pacific chairman, told CNBC’s “Squawk Box” on Wednesday.

Nasdaq has had more than 180 IPOs this year, an increase from 136 in 2017, according to McCooey. Among the new listings on Nasdaq this year are Chinese video streaming company iQiyi‘s $2.3 billion offering and Chinese e-commerce company Pinduoduo‘s $1.6 billion listing.

McCooey said he hasn’t heard of companies delaying IPO plans because of the trade war, partly because many Chinese firms that list in the U.S. are not within the direct line of fire in the tariff fight between the world’s two largest economies.

He added that he doesn’t think tensions between the U.S. and China would derail listing momentum in the U.S.