Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings.
to list in the U.S., filling a void left by Chinese companies which hit the pause button on U.S. IPOs after political tensions with Washington intensified, Beijing tightened scrutiny of domestic firms seeking overseas listings and China's own economy slowed.
ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. The bloc's biggest car e-commerce platform Carsome Group has also said it was considering various global exchanges, including those in the U.S., for a potential listing. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say.
"For some of the U.S. investors who were focused on emerging markets, their tech exposure largely came from Chinese companies because they were the biggest names listed in the U.S.," said Sunil Khaitan, Bank of America's ECM head for Southeast Asia. Companies in sectors including logistics, technology, mining, electric vehicles and renewable energy are most likely to seek IPOs both locally and abroad, said Deloitte Southeast Asia Disruptive Events Advisory Leader Tay Hwee Ling.
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