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A tale of two very different $2bn Chinese IPOs

KE Holdings raises the most on a US exchange for a Chinese company since iQiyi, then iQiyi announces SEC inquiry and its stock plunges

Gong Yu, founder and chief executive of iQiyi at their 2018 IPO
Gong Yu, founder and chief executive of iQiyi at their 2018 IPO Photo: Getty Images

KE Holdings on 13 August became the first Chinese initial public offering to raise $2bn from a US listing since iQiyi, then saw its stock soar 87% into the close.

Less than an hour later, iQiyi gave a stark reminder of the rocky path that many young Chinese stocks have walked on US exchanges.

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