Two Chinese companies, Chemspec International Ltd and Duoyuan Global Water (DGW), have made waves on the New York Stock Exchange (NYSE) with their recent floats giving new life to the moribund global IPO market.

Both the firms dazzled on debut with Chemspec clocking a turnover in excess of 100 percent, while DGW shares closed 37 percent higher than the issue price.

Founded in 1992, DGW is a leading water treatment equipment supplier based in Beijing, while Chemspec is a chemical products producer in Shanghai.