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Chinese companies rush for US IPOs ahead of new restrictions

Startups seek more than $5bn before stricter auditing rules take effect

An Xpeng Motors showroom at the company's headquarters in Guangzhou, China.   © Reuters

HONG KONG -- Chinese companies are rushing forward with plans to raise more than $5 billion in initial public offerings in New York ahead of new U.S. rules that would effectively shut off this funding channel.

KE Holdings, an online property platform backed by Tencent Holdings and SoftBank Group, and Xpeng, an electric carmaker with ties to Alibaba Group Holding, each filed new public prospectuses on Friday, a day after a White House task force recommended that all future Chinese IPO candidates be required to allow U.S. regulators to review their audit records as a condition of listing.

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