Only two Chinese firms have debuted on New York exchanges since January, a sharp drop from the 19 that listed in the same window a year earlier, FT data shows. The slowdown follows a two‑year surge that produced a record 126 IPOs across 2024‑25, underscoring how quickly the market has stalled.

China’s securities regulator has halted new offshore approvals since December, while Nasdaq tightened its rules, raising the minimum IPO proceeds to $25 million and expanding its power to delay or reject offerings deemed manipulation‑prone. The dual crackdown targets small‑cap listings that regulators fear could be used for pump‑and‑dump schemes.

Washington lawmakers have pressed the SEC to curb Chinese access, citing investor protection and national‑security concerns. SEC trading‑markets director Jamie Selway warned that “pump‑and‑dump schemes among Chinese stocks are quite serious,” noting retail investors have suffered sizable losses. The pressure adds to a broader financial decoupling between the two economies.

With the CSRC reporting no new US filing since October, many firms have withdrawn or paused their plans, fearing prolonged review times that have stretched from two months to an undefined horizon. While the SEC says compliant Chinese issuers remain welcome, the tightened environment has effectively closed the door on small‑cap listings in New York.