Several Chinese companies are pushing forward with roughly US$1bn worth of initial public offerings in New York, shrugging off hurdles put in place by regulators in Beijing and Washington to curtail such share sales.
Even with the wobbles of recent weeks, the possibility of higher valuations and liquidity on US share markets continues to attract companies from around the world.
In the past few weeks, six Chinese companies registered for New York listings, Reuters reported, bringing to an end a freeze imposed last year by the Chinese government.
Many others, however, are still awaiting more clarity on new offshore listing rules.
During the first seven months of 2021, Chinese firms raised $12.8bn in the US before a regulatory backlash by Beijing after ride-hailing app Didi Global's debut in New York in late June.
The company came to symbolise China's efforts to rein in what government officials perceive as unruly big tech companies. All offshore listings were subject to tighter scrutiny after that.
Chinese securities and data regulators proposed new rules for businesses wanting to go public elsewhere. China wants companies with data on more than 1 million users to obtain approval before listing overseas, for example.
In December, Didi Global said it would shift its public equity offering to Hong Kong and delist from the New York Stock Exchange.
Some smaller Chinese companies are now resurrecting efforts to sell stock in the United States, confident they are not a target of the new rules aimed at blocking off-shore listing by companies handling large amounts of data or posing security risks.
Although US-China tensions and regulatory scrutiny remain high, Meihua International's upcoming listing in the US may signal the beginning of a new wave of action.
China’s Meihua International Medical Technologies is looking to raise US$57.5mln.
Chinese micro-cap Ostin Technology Group hopes to raise up to US$15mln via a Nasdaq listing in March.
Insurance operator Hengguang Holding Co filed a draft IPO prospectus on Jan 18 with the Securities Exchange Commission (SEC), aiming to raise up to $19.6ml via its Nasdaq listing later this year.
In addition to new IPO applications, SEC filings indicate that more than a dozen Chinese companies have amended their IPO papers this year.
As of Tuesday, the Cyberspace Administration of China requires all platforms with more than 1 million users to undergo a security review before listing internationally.