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cover of episode The microcap explosion

The microcap explosion

2025/5/20
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Unhedged
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A
Aidan Reiter
G
George Steer
K
Katie Martin
一名在《金融时报》工作的金融记者和评论员，专注于全球经济政策和市场趋势分析。
Topics
George Steer: 我认为小型IPO市场之所以繁荣，部分原因是纳斯达克收紧了上市规则，许多小公司赶在新规生效前上市。这些公司主要来自中国和香港，它们来美国市场是为了获得更深、流动性更强的资本市场。虽然纳斯达克很乐意让这些公司上市，但它们的表现通常不佳。承销商通过公司上市赚钱，可能并不在乎公司上市后的表现。有些公司表现非常好，比如ESG数据公司Diginex。美国股市长期以来一直存在中国微型股市场波动的问题，很多奇怪的中国股票的价格波动背后都有一些共同点，即一些总部位于纽约的承销商。 Katie Martin: 我觉得美国股市充斥着各种奇怪的小公司，这让人觉得有些奇怪。特朗普一直想切断美国与中国的经济联系，但有两家公司在他名下的建筑里，积极地帮助中国公司在美国股市上市。美国股市有时看起来像赌场，而不是资本配置的过程。监管机构经常警告投资者投资小型股的风险，但除了警告之外，他们并没有采取太多措施来收紧规则。 Aidan Reiter: 我觉得一个来自香港的ESG公司在美国股市上表现出色，一个阿联酋皇室投资该公司，这让人觉得很奇怪。过去中美在金融市场上相处融洽，但目前尚不清楚未来的方向。

Deep Dive

Chapters
The US microcap IPO market is booming, with a surge in listings from small companies, many from China and Hong Kong. This contrasts with the quiet large cap IPO market. The reasons behind this phenomenon are explored in this chapter.
  • Surge in microcap IPOs in the US
  • Many companies from China and Hong Kong
  • Contrast with quiet large cap IPO market
  • Companies include small manufacturers, noodle chains, etc.
  • Reasons for choosing US markets over their home markets

Shownotes Transcript

Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent shares in tiny companies, such as a chain of hot pot stores. Today on the show, Katie Martin and Aiden Reiter talk to correspondent George Steer about the boom and try to figure out what’s going on. Also, they go long the SEC’s Caroline Crenshaw and short DJs. 

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer).

You can email Robert Armstrong and Katie Martin at [email protected]).

Read a transcript of this episode on FT.com) Hosted on Acast. See acast.com/privacy) for more information.