2021 Asia-Pacific Initial Public Offerings (IPOs) have experienced a dramatic reversal of fortunes after their market debuts.

Chinese Short Video Company and Tiktok Rival are the leaders of this list. KuaishouWhoa! more than doubled from its issue price during its February debut. This was Asia’s only listing in the top five global IPOs by deal size. according to Morningstar.

The stock was at 77% less than the first day’s gains as of Wednesday’s Hong Kong close.

Bukalapak shares have fallen sharply after skyrocketing by almost 25% in the first day of trading. At Wednesday’s close, it is currently 57% less than these levels.

Another Chinese stock which has seen its gains plunge from its beginning is JD LogisticsWhich? raised more than $3 billion in its IPO. Based on Wednesday’s close, the stock closed 36% lower than its initial day-end closing price.

The losses result from a range of problems, such as Beijing’s continuing crackdown on China’s tech sector. AlibabaAnd MeituanBeing slapped massive fines.

U.S. Treasury yields also rose after the Federal Reserve indicated it will soon normalize monetary policies. Investors tend to steer clear of stocks that are in tech sectors when such circumstances exist. Rising rates could cause these stocks to be affected, which can affect the company’s ability fund growth. It also means future cash flows will become less valuable.

Investor sentiment has been further affected by the rapid-growing omicron Covid strain, which dampened risk appetite and weighed down investor sentiment. Questions remain about its potential economic impacts.

In a December notePitchbook’s Jordan Rubio, and James Thorne of Pitchbook highlighted the blockbuster 2021 markets debuts in other parts of the world which have fallen steeply since they went public.

Chinese ride-hailing service is one example. DidiIt was officially announced this month by. will delist from the New York Stock Exchange less than six months after going public. The company is also planning to make a Hong Kong debut, despite reports that Beijing has been pressuring them.

Another U.S.-listed firm that experienced mega IPOs was RobinhoodSouth Korea CoupangThey also said that they had “lost substantial value”.

This lackluster performance led to a cooling of the IPO market, which has forced some new issuers downsize or delay their IPO plans. Thorne said, “2021 might be a peak year for the IPO marketplace that will not be matched in years to follow,” Rubio and Rubio agreed.

CNBC reported that Aswath Damodaran, New York University’s president, suggested earlier this month to CNBC that slumps after IPO could have been due to investors investing in “the big markets delusion.”

According to NYU Stern School of Business professor of finance, such investors don’t “do their homework” and do not examine the business models of the companies. The reality is usually revealed as soon as the first earnings report has been released.

“It’s a slightly troubling sign, but by itself I don’t think … it’s a red flag. Damodaran stated that it was more indicative of the types of businesses you have seen go public with low revenues and large losses, but lots of potential.”