Teething troubles for tech IPOs

Expensive valuations taking a dent as price shocks hurt earnings prospects

Chinese technology companies are rushing to launch multibillion-dollar IPOs outside the mainland this year - an opportunity for investors, but one that has generated gloomy returns of late.

A long list of names are rushing to the capital gold mines, as global indexes' interest shifts from banks and oil stocks toward a digital future. Joining the recent listing frenzy are online video site iQiyi Inc, smartphone maker Xiaomi and e-commerce latecomer Pinduoduo.