Citigroup projects that more Asian companies will list in the U.S. as tech firms seek higher valuations. Year-to-date, Asian issuers have sold about $28 billion of American depositary receipts (ADRs), the most since 2020. SK Hynix's $26.5 billion listing accounted for the bulk, with PayPay adding $1 billion from its IPO.
ChainCatcher says Citigroup sees more Asian companies heading for U.S. listings, pushed there by tech firms chasing richer valuations. So far this year, Asian issuers have pulled in about $28 billion through American depositary receipts (ADRs), the biggest total since 2020. Most of that came from SK Hynix's $26.5 billion listing. PayPay's initial offering added another $1 billion.
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