Throughout the first three quarters of 2018, Chinese tech companies far outnumbered U.S. companies in filing for IPOs on U.S. stock exchanges, according to an IPO report released by Renaissance Capital, a leading IPO investment research company.
In the first three quarters of 2018, 23 Chinese tech companies were listed on U.S. stock exchanges according to the report.
The report also shows that the third quarter has been a solid quarter for tech IPOs overall. A total of 14 tech IPOs were filed on U.S. stock exchanges and raised as much as $4 billion, five times more than that of the last quarter.
Ten Chinese tech companies filed for IPOs on the U.S. market in Q3, compared to only four U.S. tech companies that had their IPOs.
The Chinese tech debuts were led by Pinduoduo, which raised $1.6 billion, as well as electric and autonomous car startup NIO.
Renaissance Capital states that there will be more Chinese tech IPOs in the pipeline for Q4 and expects China to stay far ahead of the U.S. in terms of tech IPOs this year.