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Surge in Chinese listings drives boom for US small-cap IPO market

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Surge in Chinese listings drives boom for US small-cap IPO market

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The volatile market for small US initial public offerings is “booming” thanks to a surge of Chinese listings on New York’s Nasdaq as companies race to beat a rule change that blocks the smallest deals.

The surge in listings kicked off late last year with 42 small offerings in the last three months of 2024, followed by 41 in the first quarter of this year — the two busiest quarters in records back 15 years, according to equity capital markets group Capital Markets Gateway (CMG). This was up from 20 in the second quarter of 2024 and 29 in the third.

Fifty-three of the past two quarter’s listings were from China and Hong Kong, with only 18 from the US, and all but nine on Nasdaq. CMG’s data excludes special purpose acquisition vehicles, which raise money in order to take over a private business.

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“The microcap IPO market is booming,” said Matthew Kennedy, a senior strategist at Renaissance Capital, citing small Chinese companies in sectors from pharmaceuticals to construction. “It’s a highly speculative area,” he said, with many investors losing out because most of the stocks eventually fall far below their initial offer price.

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The IPOs came ahead of a raft of policy changes enacted by Nasdaq, effective as of April 11, which include requiring companies listing on its lowest rung under certain standards to raise at least $15mn. The Securities and Exchange Commission said Nasdaq’s new rules would “promote fair and orderly markets” and “protect investors and the public interest”.

Daniel McClory, head of equity capital markets and China at US underwriter Boustead Securities, said he had “30 IPOs in process right now and more than a third are for [companies in] south-east Asia and Greater China”.

The market for large-cap listings has meanwhile disappointed hopes of a revival under Donald Trump. Waves of market volatility around the president’s tariff announcements led bankers to postpone several hotly anticipated tech IPOs while other large listings received a cool reception.

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This has not stopped a flurry of sub-$50mn deals since tariffs shook markets in April. Small IPOs have continued despite Nasdaq raising the bar last month — with eight further deals since the rule change.

“Explosive returns” from companies such as Hong Kong-based Diginex, an ESG data group, and Chinese group EPWK Holdings, a crowdsourcing platform, “can fuel interest from traders hoping for quick gains”, said Kennedy.

Line chart of Share price, $ showing Shares in EPWK surged in late April but collapsed in early May

Shares in Diginex have climbed 1,375 per cent since it listed in January. Last Tuesday, it said UAE royal Sheikh Mohammed bin Sultan bin Hamdan Al Nahyan had struck a $300mn deal giving him the right to buy 6.75mn of its shares before the end of the year.

EPWK had risen 470 per cent in the months after its February market debut, but plunged 75 per cent last Monday.

The market for these small offerings is dominated by amateur traders, who are often more willing to jump on perceived bargains in the stock market during times of disruption when big money managers stay away.

The US Financial Industry Regulatory Authority in 2023 warned investors about “unusual price increases on the day of or shortly after the IPOs of certain small-cap issuers, most of which involve issuers with operations outside the US” and “IPOs raising less than $25mn”.

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The average value of money raised in the small IPOs tracked by CMG in the six months to March was around $9mn.

Brokers say there could be more small IPOs if market conditions improve. “If the market settled down and co-operated we could do an IPO a week,” McClory said. “As it is, we’re targeting about one a month.”

The two most prolific underwriters in the space — Dominari Securities and RF Lafferty — have each taken seven companies public this year, including Chinese “machine vision” company Lianhe Sowell and Hong Kong hotpot chain MasterBeef.

RF Lafferty is headquartered in the Trump Building in New York’s Financial District. Dominari Securities, which acted as lead underwriter for Diginex’s IPO, is a subsidiary of Dominari Holdings, a fintech group based about four miles north in Trump Tower. 

Shares in Dominari Holdings rose 580 per cent in the six weeks before a February 11 filing revealing that the president’s sons Donald Trump Jr and Eric Trump had joined its advisory board, the Financial Times reported last month.

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Dominari and RF Lafferty did not respond to requests for comment.

The rush of smaller Chinese IPOs comes as concerns swirl among some investors over whether Trump will delist some Chinese stocks from US exchanges amid trade tensions with Beijing.

One banker at a small US broker said some Chinese companies listing in the US recently had “inverted their corporate structure” to obscure where they carry out the bulk of their business. He said that Chinese companies with an overseas subsidiary were converting their operating company into the parent company “to sanitise the Chinese nature of the listing”.

A bar chart of counts of microcap IPOs by country of headquarters, 2023-25

McClory said he expected that any Trump ban would probably target large state-owned enterprises and sensitive industries rather than small companies. He dismissed concerns that Chinese IPOs in the US were taking investment dollars that would otherwise benefit US entrepreneurs.

“Virtually all of these Asian IPOs were full of investors from Greater China, or Chinese-American investors in the US and outside of China,” he said. “It’s not like they come to the US and take money from American widows and orphans.”

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Bill and Hillary Clinton’s Stance on Epstein Testimony Nov. 3

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Bill and Hillary Clinton’s Stance on Epstein Testimony Nov. 3

WILLIAMS & CONNOLLY LLP
Hon. James Comer
Hon. Robert Garcia November 3, 2025 Page 2

compel Attorney General Bondi to release what you have stated is a large trove of unseen files, which the public to date is still waiting to see released.

Your October 22 letter does not provide a persuasive rationale for why deposing the Clintons is required to fulfill the mandate of your investigation, particularly when what little information they have may be efficiently obtained in writing.

You state that your investigation into the “mismanagement” of the Epstein and Maxwell investigations and prosecutions requires the depositions of three individuals: former President Clinton, former Secretary of State Clinton, and former Attorney General William Barr – who was serving in the first Trump Administration when Jeffrey Epstein committed suicide in federal custody. Compounding this inexplicable choice of deponents, you also have chosen not to depose the dozens of individuals whose links to Mr. Epstein have been publicly documented.

My clients have been private citizens for the last 24 and 12 years, respectively. President Clinton’s term ended six (6) years before allegations surfaced against Mr. Epstein. Former Secretary of State Clinton’s position was in no way related to law enforcement and is completely afield of any aspect of the Epstein matter. While neither of my clients have anything to offer for the stated purposes of the Committee’s investigation, subpoenaing former Secretary Clinton is on its face both purposeless and harassing. I set forth in my October 6 letter the facts that she did not know Epstein, did not travel with him, and had no dealings with him. Indeed, when I met with your staff to learn your basis for including former Secretary Clinton, none was given beyond wanting to ask if she had ever spoken with her husband about this matter. Setting aside the plainly relevant consideration of marital privilege, this is an entirely pretextual basis for compelling former Secretary Clinton to appear personally in this matter.

It is incumbent on the Committee to address the most basic questions regarding the basis for singling out the Clintons, particularly when there is no obvious or apparent rationale for it, given the mandate of the Committee’s investigation. Your October 22 letter does not provide such a justification. And your previous statements, belied by the facts, that President Clinton is a “prime suspect” (for something) because of visits to Epstein’s island betokens bias, not fairness. You said, on August 11:

“Everybody in America wants to know what went on in Epstein Island, and we’ve all heard reports that Bill Clinton was a frequent visitor there, so he’s a prime suspect to be deposed by the House Oversight Committee.”

“1

Regrettably, such statements are not the words of an impartial and dispassionate factfinder. In fact, President Clinton has never visited Epstein’s island. He has repeatedly stated that, the Secret Service has corroborated that denial, Ghislaine Maxwell’s recent testimony to Deputy Attorney General Blanche reconfirmed this, as did the late Virginia Roberts Giuffre in her

Fields, “Comer: Bill Clinton ‘Prime Suspect’ in Epstein Investigation,” The Hill (Aug. 12, 2025).

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With federal relief on the horizon, Black farmers worry it won’t come soon enough

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With federal relief on the horizon, Black farmers worry it won’t come soon enough

A cotton field in north Louisiana.

Dylan Hawkins


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Dylan Hawkins

NEW ORLEANS – James Davis had the best year in his entire farming career this year.

The third-generation Black row crop farmer estimated picking almost 1,300 pounds of cotton, an average of 50 bushels of soybeans, and an average of around 155 bushels of corn on 2,500 acres of his farmland in northeast Louisiana.

But with U.S. commodities facing steep retaliatory tariffs overseas, he says he and many other farmers can’t sell their crops for enough to cover the loans they take out to fund the growing season.

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The tariffs, Davis said, are making it almost impossible to survive.

“To have that kind of yield and still not be able to pay all your bills, that tells you something is broken in the farming industry,” Davis said.

In order to plan for next year, farmers need relief now, Davis said. At a recent meeting with his banker, the bank projected 2026 revenues in order to secure crop loans, and the cash flow math wasn’t adding up — the farm’s expected income wasn’t enough to cover operating loans once input costs, equipment notes, land rent and insurance premiums were factored in.

The Trump administration announced just this week  a new $12 billion package of one-time bridge payments for American farmers like Davis, aimed at helping them recover from temporary market disruptions and high production costs.

“This relief will provide much needed certainty as they get this year’s harvest to market and look ahead to next year’s crops,” Trump said during a White House roundtable event. “It’ll help them continue their efforts to lower food prices for American families.”

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Davis says that type of help can’t come soon enough. 

“Without bailouts, it is hard to make crop loans work on paper,” he said in an interview with NPR on Monday.

James Davis asks a question at a panel on farm finances at the National Black Growers Council conference in New Orleans on Dec. 10, 2025. Davis is a third-generation Black row crop farmer who said that despite having the best year he's ever had in his farming career, he's still struggling to pay his bills.

James Davis asks a question at a panel on farm finances at the National Black Growers Council conference in New Orleans on Dec. 10, 2025. Davis is a third-generation Black row crop farmer who said that despite having the best year he’s ever had in his farming career, he’s still struggling to pay his bills.

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At the same time, however, the Trump Administration dismantled decades-old USDA programs designed to assist Black farmers by eliminating the “socially disadvantaged” designation, including programs like the 2501 Program, which many Black row-crop farmers rely on for access to credit, technical assistance, and conservation support that are otherwise difficult to secure at county-level USDA offices. The USDA did not respond to requests for interviews or comment.

Those supports, experts said, were designed to help smaller farmers and farmers of color remain on the land.

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Welcome relief may not come in time

The Farmer Bridge Assistance Program accounts for up to $11 billion of the newly announced package, and offers proportional payments to farmers growing major commodities, including row crops like soybeans, corn and cotton.

Payments are expected to begin by February of next year, and are designed to offset losses from the 2025 crop year.

For many farmers, that isn’t soon enough. While the bridge payment may help with crop loans, there are immediate bills due for many in the coming weeks.

“This needs to show up like Santa Claus underneath the Christmas tree, to be honest with you,” said PJ Haynie, a fifth-generation Black farmer with rice operations in Virginia and Arkansas and chairman of the National Black Growers Council, which met in New Orleans this week for its annual conference.

“Our landlords want their money by the end of the year — our seed and input and chemical and equipment companies that we have to make payments by the end of the year,” he said.

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Some farmers may have relationships with bankers and companies that will work with them and extend payment deadlines a few months, Haynie said — others don’t. And farmers are grateful for any support they receive, but, Haynie said, the one-time bridge payments aren’t enough.

“They still won’t make us whole because of the losses that we’ve incurred because of the markets, the tariffs, the trade,” he said. “But every dollar helps.”

Farmers already face challenges like unpredictable weather, pests and stagnant commodity prices, as well as rising input costs including machinery and fertilizer purchases. “We plant and we pray,” as Haynie put it. Tariffs have only compounded those challenges.

Black farmers face additional challenges

Black farmers like Haynie and Davis make up less than 2% of all U.S. farmers — and Black row-crop farmers, like those at this week’s conference, are an even smaller slice of that.

“Our herd is small,” Haynie said, “and if we can protect the herd, the herd will grow.”

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Black farmers have asked the federal government for loan relief and other assistance for decades. A century ago, Black farmers owned at least 16 million acres of land. Today, Haynie said they hold around 2 million.

Following the Civil War, Black Americans were promised “40 acres and a mule” by the federal government, but many say that promise never came to pass.

Over the course of the past 100 years, the amount of Black-owned farmland dropped by 90%, according to Data for Progress, due to higher rates of loan and credit denials, lack of legal and industry support and “outright acts of violence and intimidation.”

Advocates say the inability for Black farmers to get a start, and later the sharp drop in farming population, is in part due to what they call USDA’s discriminatory lending practices, and often specific loan officers’ biases. The agency is the subject of an ongoing discrimination class action lawsuit by Black farmers and additional litigation due to those and other allegations.

Much of that history plays into how Black farmers approach the Trump administration.

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“The Black row crop farm community needs the support of the administration,” Haynie said. “I can’t … buy an $800,000 combine to sell $4 corn. The math doesn’t math on that.”

All farmers — “Black or white” — are responding to the same depressed prices, he said. But Black farmers, he argues, already a small percentage of total U.S. growers, and often operating at a smaller scale, have less buffer to absorb sudden market shocks.

As farmers look at their projected costs next year, economists say they’re also navigating deep uncertainty in global markets.

“I think that a lot of farmers are still very much looking at the next year with some trepidation, thinking that their margins will continue to be very, very tight,” said Joseph Glauber, a senior research fellow at the International Food Policy Research Institute in Washington D.C.

U.S. trade with China — historically the top buyer of American soybeans and other row crops — has not rebounded to pre–trade war levels despite a new agreement. Meanwhile, Glauber said, countries like Brazil have expanded production dramatically, seizing market share during the trade war and becoming the world’s top soybean exporter — a long-term structural shift that U.S. growers now have to compete against.

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Finis Stribling III (left) and John Green II (right) take a break during the National Black Growers Council conference in New Orleans on Dec. 10, 2025. Both Stribling and Green were plagued by bad weather at the start of this year's growing season, and both said tariffs have only made things harder.

Finis Stribling III (left) and John Green II (right) take a break during the National Black Growers Council conference in New Orleans on Dec. 10, 2025. Both Stribling and Green were plagued by bad weather at the start of this year’s growing season, and both said tariffs have only made things harder.

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He added that crops grown in the Mississippi River Delta, such as cotton and soybeans, have been hit especially hard by low prices and retaliatory tariffs.

Finis Stribling III farms 800 acres of cotton, rice, corn, soybeans and wheat in Arkansas and Tennessee. At the National Black Growers Council’s conference, he told NPR 2025 was another year of what he calls “farming in deficit.”

“We had too much rain early, then drought,” he said. “And when you finally get a crop in the field, the price support isn’t strong enough to cover the cost of production.”

Sitting next to him during a lunch break at the conference, another Arkansas row crop farmer John Lee II, put it bluntly: “What I’m worried about is next year. What do we do in 2026 when we go to the bank to try and get a loan? I’m concerned about the notion of going to the bank this upcoming year and not being able to get a loan because we can’t make the loan cash flow.”

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Both also said the new tariff relief will help — but not nearly to the degree many outside agriculture may think.

“From the outside looking in, non-farm community, you say $12 billion seems like a lot of money,” Stribling said. “But when you look at the cost of production and the money that’s spent in agriculture, $12 billion is really just a drop in the bucket. It’s almost like putting a Band-Aid on a bullet wound.”

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Manhunt under way for attacker after two students killed at US university

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Manhunt under way for attacker after two students killed at US university

More than 400 law enforcement personnel have been deployed as police search for the suspect in a shooting at Brown University in Rhode Island in which two students were killed and nine wounded, US officials said.

The Ivy League university in Providence remained in lockdown early on Sunday, several hours after a suspect with a firearm entered a building where students were taking exams on Saturday. Streets around the campus were packed with emergency vehicles hours after the shooting, and security was heightened around the city as law enforcement agencies continued their manhunt.

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The suspect remained at large, officials said, as police worked with agents from the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives to search streets and buildings around the campus to find the individual.

Saturday’s shooting is the second major incident of gun violence on a university campus this week.

Providence deputy police chief Timothy O’Hara said the suspect had not been identified.

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Officials said they would release a video of the suspect, a male possibly in his 30s and dressed in black, who O’Hara said may have been wearing a mask. He said officials had retrieved shell casings from the scene of the shooting, but that police were not prepared to release more details of the attack.

Providence Mayor Brett Smiley has confirmed that two students were killed and nine people were injured in the attack.

At a news conference, Smiley said university leaders became aware of the shooting at about 4:05pm local time (21:05 GMT), when emergency responders received a 911 call.

Smiley declined to identify the shooting victims, citing the ongoing investigation. However, he sought to reassure the community, despite a shelter-in-place order for the Brown campus and the surrounding neighbourhood.

“We have no reason to believe there are any additional threats at this time,” he said.

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The university’s president, Christina Paxton, explained she had been on a flight to Washington, DC, when she learned of the shooting. She immediately returned to Providence to attend a night-time news conference.

“This is a day that we hoped never would come to our community. It is deeply devastating for all of us,” Paxton said in a written statement.

At the news conference, Paxton said she was told the victims were students.

First responders with the Providence Fire Department manoeuvre an empty stretcher near the Barus & Holley building, home to the engineering and physics departments and the site of a mass shooting at Brown University [Bing Guan/AFP]

Suspect remains at large

At approximately 4:22pm local time (21:22 GMT), the university issued its first emergency update, warning that there was an armed man near the Barus and Holley engineering and physics building.

“Lock doors, silence phones and stay hidden until further notice,” the university said in its update.

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“Remember: RUN, if you are in the affected location, evacuate safely if you can; HIDE, if evacuation is not possible, take cover; FIGHT, as a last resort, take action to protect yourself.”

Upon arriving at the scene, law enforcement swept the building, according to Providence police’s O’Hara.

“They did a systematic search of the building. However, no suspect was located at that time,” O’Hara said.

The university had to withdraw an early announcement that a suspect had been apprehended, writing, “Police do not have a suspect in custody and continue to search for suspect(s).”

US President Donald Trump published a similar retraction on his online platform, Truth Social, after erroneously posting at about 5:44pm (22:44 GMT) that a suspect had been detained.

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Mayor Smiley said there were 400 law enforcement officers in the area to search for the suspect.

He also encouraged witnesses to come forward with any information about the shooting.

The seventh-oldest university in the US, Brown is considered part of the prestigious Ivy League, a cluster of private research colleges in the northeast. Its student body numbers 11,005, according to its website.

On December 9, Kentucky State University in the southern city of Frankfort also experienced gunfire on campus, killing one student and leaving a second critically injured.

The suspect in that case was identified as Jacob Lee Bard, the parent of a student at the school.

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