Why do mainland Chinese firms refuse to give up on Wall Street IPOs?

As the first half of 2026 sees record-low US debuts for Chinese firms, CSRC data shows a steadfast pipeline of firms keen to list in the US Only two mainland Chinese companies completed US debuts in the first half of the year, raising a combined US$59.5 million – a five-year low for deal volume and total proceeds, according to a June report by accounting firm EY. The persistent push raises a crucial question for global investors: why do Chinese entrepreneurs refuse to give up on New York? “A US listing is still seen as highly prestigious,” said Hong Hao, chief investment officer at Hong Kong-based Lotus Asset Management. He noted that New York remained the world’s largest capital market, offering deep liquidity and direct access to an unmatched pool of global institutional investors that regional exchanges could not easily replicate.

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