More than a year after China pledged to smooth the process for offshore listings, firms are reeling from a regulatory logjam that is unlikely to ease soon and are staring at the prospects of sharply lower valuations even as market sentiment improves.
Hopes for a revival in overseas listings were sparked by Beijing's vow in April to facilitate Hong Kong IPOs and a strong debut of Zeekr in New York last month.
China has clamped down on offshore capital raisings since 2021.