Amid the frenzy around Twitter’s $1.8 billion IPO on November 7, it would have been easy to miss a pair of small Chinese IPOs in New York a week earlier. Qunar, the Chinese travel-booking service, raised $167 million on November 1, with share prices rising 89 percent above the initial offering. The day before, 58.com—a Chinese version of Craigslist—raised $187 million, exceeding the initial offering by 47 percent.
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How they fell: The collapse of Chinese cross-border listings
Do these IPOs—and three others this year—mark a broader return of Chinese cross-border listings in the United States? It’s too early to tell; after all, Qunar’s listing was the second from a reputable company in a well-understood industry.1 And 58.com fit neatly into the sweet spot of US tech-industry analysts.
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