Swiss sneaker brand On Holding AG, backed by tennis star Roger Federer, said Monday it will list in New York, while cryptocurrency miner Argo Blockchain Plc filed for a U.S. IPO on Friday. U.K. fintech firm Wise Plc plans to sell American depositary receipts.

They’ll add to the $9.5 billion raised by European companies through New York IPOs this year through Monday, the most for this period since 2000, data compiled by Bloomberg show. 

The flood of trans-Atlantic listings is prompting governments and stock exchanges across Europe to fight back by making IPOs at home more attractive, especially for early-stage companies. London is looking into a raft of tech company-friendly rules changes, while in Germany some political parties have proposed an exchange for domestic startups.

Companies are attracted to the U.S. by dizzying first-day pops and Wall Street investors’ willingness to spend big on new stocks, particularly in hot or novel sectors.

“Valuations in the U.S. are typically higher, particularly for unprofitable or young tech companies,” said Gavin Launder, a fund manager at Legal & General Investment Management, also noting New York’s deeper pool of specialist analysts and investors.

China crackdown

The U.S. listings are especially welcome since debuts from Chinese companies have dried up after a probe into ride-hailing business Didi Global Inc. and a broader regulatory crackdown from Beijing. Other firms pulled planned offerings and U.S.-listed Chinese stocks plunged, casting a pall over what is already a record year for IPOs from the country on Wall Street.

The flow of European companies to New York isn’t likely to stop. Bloomberg reported Friday that PAI Partners is considering taking Dutch bottling business Refresco public in the U.S., while Italian aerospace firm Leonardo SpA said it could revisit a Wall Street IPO of its defense electronics unit DRS, which had been canceled in March.

Not all IPO hopefuls make it in New York, however. Teads BV, the digital-advertising arm of media and telecom company Altice, and hearing-aid maker Hear.com NV delayed U.S. listings in recent months.

And some of the new Europe-based stocks haven’t traded well on Wall Street. After initially surging by a third during their debut session in May, shares in Swedish plant-based drink company Oatly Group AB now trade 6.1% below the IPO price.

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