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When offshore investors are excluded from a high-profile equity listing, price discovery does not pause.
A chip firm's IPO, valued ahead of the listing at a level that made it China's most valuable company, produced exactly that displacement: offshore participants locked out of the formal allocation turned to a crypto platform to take positions, contributing to an outsized premium.
That premium is now drawing scrutiny to the platform that hosted the market. The access gap that created the parallel venue The constraint here is structural.
Major Chinese equity listings restrict participation in ways that leave offshore investors without a formal channel, and when a listing is described as highly anticipated, the demand sitting outside that channel is real and sizable.
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