China’s tech companies grappled with daunting new challenges this year, including Draconian government supervision at home and a welter of controls on exports and investments abroad. But they’re still crushing it on foreign stock markets, says a recent report in VentureBeat citing research by Renaissance Capital.

In the first three quarters of 2018, Chinese companies far outperformed U.S. counterparts in initial public offerings on U.S. stock exchanges, according to Renaissance. In the third quarter, 10 China-based tech companies listed on U.S. exchanges compared to only four U.S.-based firms.

Among this year’s notable China tech listings: e-commerce platform Pinduoduo, which raised $1.6 billion in July, and electric and autonomous car startup NIO, which raised $1 billion last month. Renaissance counts 23 Chinese IPOs in the U.S. the first nine months of 2018, the best showing for Chinese listings since 2010. And that’s not counting blockbuster China IPOs in Hong Kong, including Meituan Dianping, which raised $4.2 billion in September, and Xiaomi, which raised $4.7 billion in June.

And there are more China offerings are in the pipeline. On last Tuesday, China’s Tencent Music Entertainment Group, China’s largest music-streaming company, filed to go public in the U.S. The company, which operates a host of popular apps including QQ Music and an online karaoke platform, boasts more than 800 million total unique monthly active users, and is expected to be one of the biggest listings of the year.

Tencent Music was created by Tencent Holdings in 2016. An equity swap last year with Spotify Technology valued the company at $12.5 billion. The Wall Street Journal puts recent estimates of Tencent Music’s value at around double that, suggesting the company’s listing could be the biggest tech IPO ever.

Investors don’t seem that put off by the lackluster post-IPO performance of this year’s China tech debutantes. The most dazzling prospect of them all, Alibaba Group spin-off Ant Financial, has shelved plans for going public. Speculation now has it that the mobile payments giant, widely valued at $150 billion, will wait at least another year. Odds are global investors will still be keen.

中国的科技公司在今年努力克服着令人怯步的新挑战，不过VentureBeat援引复兴资本（Renaissance Capital）的研究，在最近一份报告中表示，这些公司仍在海外股市中披荆斩浪。

复兴资本表示，2018年的前三个季度里，中国公司在美国证券交易所首次公开募股的表现要远远优于美国的同行。在第三季度，美国证券交易所有10家中国公司挂牌上市，同期上市的美国公司只有4家。

今年中国值得注意的新上市科技公司包括电子商务平台拼多多（Pinduoduo）和无人汽车初创公司蔚来汽车（NIO），前者在7月融资16亿美元，后者在9月融资了10亿美元。复兴资本发现，2018年前9个月，中国公司在美国上市的共有23家，是2010年以来的最佳表现。这还不包括中国公司在香港轰动上市的公司如美团点评（Meituan Dianping）和小米（Xiaomi），前者在今年9月融资42亿美元，后者在6月融资47亿美元。

还有更多的中国公司正在筹划上市。上周二，中国最大的音乐流媒体公司腾讯音乐娱乐集团（Tencent Music Entertainment Group）提交了在美国上市的申请。该公司旗下拥有QQ音乐和在线卡拉OK平台等一系列流行应用，合计月活跃用户超过8亿人，实属罕见，它可能会成为今年上市的规模最大的公司之一。

腾讯音乐由腾讯控股在2016年建立。在去年与Spotify Technology的股权互换中，该公司的估值为125亿美元。《华尔街日报》（Wall Street Journal）称最近对腾讯音乐的估值大约达到了这一数值的两倍，并推测它可能会成为有史以来科技公司最大的一次首次公开募股。

这些中国科技公司今年上市后的黯淡表现似乎并未浇灭投资者的热情。而这些公司当中最令人期待的从阿里巴巴集团拆分出来的蚂蚁金服（Ant Financial）却搁置了上市的计划。这家被很多人预测估值高达1,500亿美元的移动支付巨头恐怕还要至少一年时间才会首次公开募股。不过全球的投资者们很可能还会对它保持着高昂的热情。（财富中文网）

译者：严匡正