U.S. stock listings by Chinese companies are recovering quickly despite bilateral trade frictions, as tech startups flee the foundering mainland and Hong Kong markets for better fundraising options. Mainland Chinese companies raised $5.9 billion through initial public offerings this year through Aug. 17, more than the $3.8 billion raised in all of 2017, data from Dealogic shows. This will be the biggest year for Chinese IPOs in the U.S. since 2014 when Alibaba Group Holding made its New York debut.

Offerings are growing in both size and number, with technology companies at the forefront. Pinduoduo, China’s No. 3 e-commerce company, raised $1.6 billion in its IPO last month — the fourth-largest U.S.-only listing by a Chinese business, according to Dealogic. Its market capitalization exceeded $20 billion just three years after launching.

And Bob McCooey, Nasdaq’s Asia-Pacific chairman, sees the number of listings by Chinese companies more than doubling this year to 36 or so. The escalating trade war between the two countries has had no apparent effect on IPOs, he said.

Electric-car maker NIO, which competes with Tesla in China, applied this month for a U.S. IPO. Tencent Holdings’ music-streaming unit is expected to debut here this year as well.

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