Amid steeply declining initial public offering activity in China this year, there's an ongoing push by the country to lure its tech companies to come back home to list.
There were only 35 IPOs in China during the first quarter, according to professional services firm EY. That's a 74 percent decline compared to the same period in 2017, and it only included five tech listings, the study said.
Consequently, proceeds reaped from IPOs in the country fell 39 percent year-over-year.
The reason for the slowdown, according to EY, is that Chinese companies are finding it more difficult to win regulatory approval. But there's another challenge for China's IPO market: Companies are still drawn to U.S. markets for the prestige — even though they aren't always doing so well there.