Chinese startups are raising millions of dollars in U.S. stock market listings again, after a dry spell in the once-hot market.
Major investment banks Citigroup, CICC and CLSA were among the underwriters for the IPO, which raised $40.6 million. QuantaSing's backers included Prospect Avenue Capital and Qiming Venture Partners.
The companies said U.S. authorities may in the future determine they're unable to complete reviews of audit work, putting the companies at risk of delisting. Drew Bernstein, co-chairman of audit firm Marcum Asia CPAs LLP, said Thursday his company is working with about 50 companies — mostly China-based — that plan to list in the U.S. It's "probably the strongest pipeline our firm has had in its history," he said.
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