欧洲两大交易所反击：遏制IPO流向华尔街

Core Viewpoint - European and UK stock exchanges are facing a "IPO winter," leading many local companies to consider listing in the US for better capital access and higher valuations [1][2] Group 1: IPO Trends and Comparisons - Many European companies are opting for US listings, with a significant number of them migrating their primary listing to the US to tap into deeper capital pools [1] - A report from Deutsche Börse indicates that about two-thirds of companies listed in Europe, including Germany, see stock price increases on their first trading day, while only about half of European companies listed in the US experience the same [1][2] - Since 2004, German companies listed in the US have seen an average stock price decline of 13%, with specific examples like trivago and Mytheresa showing significant drops post-listing [2] Group 2: Market Dynamics and Responses - The European exchanges, including Deutsche Börse and Euronext, are actively working to counter the perception that US-listed companies have higher valuations by releasing reports and conducting marketing efforts [2] - The London Stock Exchange has also challenged the notion of superior US valuations, indicating a broader trend among European exchanges to retain local companies [2] - European officials are exploring ways to deepen capital markets and improve listing rules to enhance financing channels, as the market depth in the US remains a significant draw for companies [3] Group 3: Market Risks and Opportunities - Deutsche Börse warns that companies listing cross-border face higher litigation risks, although some market participants argue that such risks can provide avenues for shareholder compensation [3] - Recent market turbulence in the US due to tariffs may enhance the attractiveness of European markets, although some experts remain skeptical about the long-term capital flow trends [4]