What does the end look like for one of the longest waves of China tech IPOs in recent memory?

The answer could well be what we’re seeing now: a sudden flurry of small new listings in Hong Kong and New York, most in and around the $100 million range. Two of the latest are being majorly downsized, but that didn’t seem to affect the listing plans of online dictionary operator Youdao and high-tech news portal 36Kr.

Several people who work with these companies say their founders and backers are less worried about fundraising at this point, and are simply using these overseas listings as a way to skirt Beijing’s strict currency controls. Beijing has made it tough for people to move their money offshore over the last two years, partly to ease pressure on its currency as people bet against the yuan on concerns about the nation’s rapidly slowing economy.

But even bottom-feeding investors may be losing interest in many of these lower-end IPOs, as many companies are often losing big money with no prospect for profits in the near-term.

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Related: Popular Translation App Youdao Downsizes New York IPO