China’s Tech, Media and Telecom Companies Flock to Domestic Markets

Chinese technology, media and telecommunications companies increasingly turned to raising capital on domestic stock markets in the second half of 2021 amid headwinds on selling shares abroad, global consulting firm PricewaterhouseCoopers said Wednesday in a report.

Initial public offerings (IPOs) in Hong Kong and overseas by the sector, known as TMT companies, declined to 25% of total financing in the second half from 82% in the first, PwC said. Meanwhile, 89% of the 74 second-half share flotations by mainland TMT companies took place on China’s markets, the consulting group found.