Chinese companies have denied participation in the Anthropic IPO.
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Institutional investors in Hong Kong and mainland China are facing rejections when they try to participate in Anthropic's IPO, Bloomberg has learned. Either they reject their requests or make it clear that they will not receive the papers anyway. The hosts have not publicly announced such a ban, but it may be partly related to the US Trade in Weapons and Dual-Use Regulations (ITAR).
Anthropic's IPO is scheduled to take place next week on November 19th. The company expects to raise $90.4 billion with a total value of $1.4 trillion. The stock is expected to begin trading on Nasdaq under the ticker symbol ANT. The placement will be organized by more than 20 banks led by Goldman Sachs and Morgan Stanley.
Retail investors can participate in the offering through authorized brokers in the US, UK, Switzerland, some countries in the European Economic Area, Australia, Canada and Japan. Institutional investors can contact the IPO organizers directly - in theory, from any country.
In practice, Anthropic's pre-IPO restrictions are similar to those in place before SpaceX's IPO - so organizers could not accept applications from Hong Kong and China, although investors from there could buy shares after the IPO.
Some investors still try to circumvent the restrictions. For example, the family office of one Chinese tech entrepreneur files through a trust registered in the British Virgin Islands, a source told Bloomberg. Others use special purpose vehicles (SPVs) and swap agreements, with Hong Kong residents moving through offshore holding structures. But it is not known whether such applications will succeed in any way - no one gives guarantees.