Why do mainland Chinese firms refuse to give up on Wall Street IPOs?

Amid heightened geopolitical tensions and complex regulatory hurdles, Wall Street has become a more difficult listing destination for mainland Chinese companies – but some remain unwilling to abandon it. Only two mainland Chinese companies completed US debuts in the first half of the year, raising a combined US$59.5 million – a five-year low for deal volume and total proceeds, according to a June report by accounting firm EY. Official data from the China Securities Regulatory Commission,...