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Stocks

Why mainland Chinese IPO shares jump 44% on trading debut

Beijing's apparent failure of control seen in the stock market

SHANGHAI -- Beijing's tight grip on China's stock market seems to be choking the life out of what would otherwise be a bustling equities trade, pushing the most valuable companies to list overseas and stifling trading for fear of state intervention.

At first glance, the Shanghai and Shenzhen stock markets do not appear to be lacking for business. The two bourses have played host to more than 400 initial public offerings in 2017, setting them up to top the global ranking this year, dethroning 2016 leader Hong Kong.

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