China’s Money-Losing IPO Fever Breaks

For more than a year, not a single IPO application from a money-losing company has been accepted by China’s two largest stock exchanges, in a sign that regulators have moved to slow the pace of such new listings.

The last unprofitable company whose IPO application got accepted was Chongqing Genrix Biopharmaceutical Co. Ltd. (688443.SH), which took place on June 20, 2022. The company debuted on the Shanghai Stock Exchange’s Nasdaq-style STAR Market a year later.