47 Chinese Companies Cancel IPO Plans Amid Regulatory Crackdown

Chinese companies are withdrawing their initial public offering (IPO) plans in response to increased regulatory scrutiny and a bearish market. The securities watchdog in China has tightened rules on share listings, leading to 47 companies deciding to pull their IPO applications. This move comes amidst reports of Chinese fund managers racing to sell assets despite threats and bans from the Chinese Communist Party (CCP), indicating a tumultuous atmosphere in the Chinese financial markets.