Chinese companies rush to list in the U.S. despite tensions

China’s economic numbers for July are all over the place. While the country saw its fastest services growth in over a year and is pushing out more companies to list in the U.S. than ever before, its Iranian crude imports fell off sharply.

The S&P Global China General Services PMI surged to 52.6 in July, up from 50.6 in June. That’s the highest reading since May 2024. The increase was driven by stronger demand and a clear rise in new export orders. This number tracks growth at smaller, export-focused businesses, mostly along the east coast.

At the same time, the official Chinese government services PMI slipped slightly from 50.1 to 50.0, showing stagnation in larger state-run and medium-sized enterprises. The broader S&P China Composite PMI, which combines services and manufacturing, dropped to 50.8 from 51.3, pointing to weaker performance outside the services sector.

Chinese companies rush to list in the U.S. despite tensions

In the first half of 2025, 36 Chinese companies (mostly small or mid-sized) completed listings in the United States, based on figures from law firm K&L Gates. That follows a record-setting 64 listings in 2024.

Many of the 2025 listings happened through SPACs (special purpose acquisition companies), which let startups become public without going through the normal IPO process.

Chinese government filings show that more than 40 additional companies are lined up to list on Nasdaq later this year, including a mobile advertising firm and a maker of traditional Chinese medicine.

This number doesn’t include confidential filings, so the final total could be even higher. If all those listings go through, 2025 will beat 2024 and set a new record.

Over 100 Chinese companies are already trading in U.S. markets, including giants like Alibaba, JD.com, and Baidu, with a total market value near $1 trillion as of March, based on data from the U.S.-China Economic and Security Review Commission.

Despite increasing oversight by U.S. regulators, these firms continue to seek better valuations abroad due to tougher listing rules at home. The push for SPAC deals helped Chinese SPAC listings rise from 57 last year to 76 so far in 2025, according to SPACInsider.

China cuts Iranian oil imports after June spike

Meanwhile, China’s energy imports are pulling back hard. Last month, the country’s Iranian crude imports dropped by nearly 30%, falling to about 1.2 million barrels per day, based on data from Kpler and Vortexa.

In June, imports hit over 1.7 million barrels a day, a three-month high. That jump was tied to faster loadings from Tehran, as traders tried to move shipments quickly before any fallout from the brief Iran-Israel clash, which also drew in the United States.

That conflict caused concern about a possible disruption to global energy supplies, but ultimately, there were no real interruptions.

Most of the oil comes through private Chinese refiners, commonly called “teapots.” These buyers typically dominate China’s intake of U.S.-sanctioned Iranian oil, which doesn’t always appear in official records. While state data often shows zero, analysts say China remains the largest buyer of this crude.

This month, teapots didn’t show much interest. “Demand from teapots is far from robust, with their restocking appetite dropping after higher imports in June,” said Muyu Xu, a senior crude analyst at Kpler. “Plus, some of them are faced with a tight crude-import quota,” Muyu added, referring to the limited permits that control how much oil can be brought into the country.

And since June, Donald Trump’s administration has been turning the screws even tighter on Iran-related sanctions. The U.S. has expanded restrictions on entities involved in the crude oil supply chain and recently imposed penalties on a fourth Chinese oil terminal.

KEY Difference Wire helps crypto brands break through and dominate headlines fast