Retail investors heavily drive Shanghai trading
CXMT, China’s largest memory chipmaker, raised more than $8.6 billion on Shanghai’s STAR Market in July — the second-largest IPO for the venue and the second-largest mainland China IPO on record. Shares in CXMT jumped 466% on the first day of trading.
Unitree, one of China’s leading humanoid-robot makers, made its own listing debut in Shanghai in August. Shares in Unitree rose 460% on day one of trading.
“The current IPO boom is powered by investor appetite for AI and robotics,” said Ruiying Zhao, a senior research analyst at S&P Global Market Intelligence. Trading on Shanghai’s stock market is heavily driven by retail investors.
Shein’s $1.7 billion Hong Kong listing on Tuesday caps the run of outsized Chinese share sales this summer. The fast-fashion company is one of the city’s biggest new IPOs of the year.