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Market Spotlight

Chinese tech IPOs in US rebound after two-month lull

Didi Chuxing leads new clique of companies seeking to raise as much as $17bn

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | China

HONG KONG -- Chinese technology companies are flocking to New York for initial public offerings once again, reviving a record-setting flow that had slowed after a streak of weak openings amid shaky markets.

Cargo platform Full Truck Alliance, backed by Tencent Holdings and SoftBank Group, is set to price its IPO at $19 per depository share, the top of the range at which they were marketed, said two people familiar with the transaction. At that level, proceeds from the IPO would reach $1.57 billion, with the shares to begin trading on the New York Stock Exchange on Tuesday.

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