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When Jilin Joinature Polymer made its debut on the Shanghai Stock Exchange on September 20, it became the 200th company to float on China’s domestic markets this year. Collectively they have raised over $40bn, more than double the amount raised on Wall Street and almost half the global total.
Yet the country’s benchmark CSI 300 index is down 14 per cent since January, having fallen by a fifth in 2022. It has underperformed other major markets such as Japan and the US, as worries mount about China’s slowing economic growth and a liquidity crisis in the real estate sector.
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