IPO dreams dashed amid global turmoil

SHANGHAI: Many Chinese IT companies' hopes of hitting the initial public offering (IPO) jackpot have evaporated amid hefty falls in global stock markets in the past few months.

Last month, global stock markets suffered a 20 percent loss, a record monthly fall that saw domestic entrepreneurs becoming more cautious in taking their companies public both at home and overseas.

Gone with the IPO dream are the hundreds of millions of new capital that venture capitalists and private equity funds once bet on IT companies promising to become cash cows.