via caxinglobal: Chinese e-commerce companies are riding a new wave of initial public offerings to tap fresh capital from global investors, led by spectacular recent debuts by industry stars such as Meituan Dianping and Pinduoduo Inc.
The recent rush of listings reminds some of the craze fanned by Alibaba Group’s blockbuster debut in New York in 2014.
Both the industry and the market have since changed substantially. Years of aggressive expansion and investments helped Alibaba and Tencent Holdings to build a near duopoly in China’s e-commerce industry as the pair each holds stakes in a large number of emerging market players. Tencent is an investor in Pinduoduo, Meituan Dianping and the No. 2 e-commerce site JD.com, while Alibaba backs Suning.com, Ele.me among others.