The IPO boom of Chinese and Hong Kong companies has come to a halt, according to Bloomberg. Three Chinese companies-Hello Inc (bike-sharing platform), Ximalaya Inc (podcasts) and Qiniu Ltd (cloud computing)-have temporarily suspended their plans to issue on U.S. stock markets, despite getting the green light from the SEC in mid-May. The sell-off on U.S. stock exchanges due to inflationary fears and an IPO market that has entered a correction phase since April are two of the main reasons for the suspension, coupled with investors' loss of appetite for growth stocks.

In the first five months of 2021 Chinese companies from and Hong Kong raised US$7.1 billion through IPO's in the U.S. markets. However, more than half of these shares were trading at the end of May below their exit price. Nasdaq's Golden Dragon China index, which tracks US listings of Chinese companies, has fallen 30% after peaking last February.