The Chinese are coming. And coming.

Chimin Cao, Co-Founder and Chairman for RYB Education Institution and Yanlai Shi, Co-Founder and CEO for RYB Education Institution, ring the opening bell together to celebrate their company's IPO at the New York Stock Exchange (NYSE) in New York, September 27, 2017.

They’re not all necessarily instant gainers. Chinese education firm Four Seasons Education priced at $10 but closed today at $9.50, a 5 percent decline.

One key investment point: it helps to have a big company behind you when you’re in a competitive space in China. Remember Secoo Holding, which sells luxury brands in China? It’s down 38 percent since it went public in September. Good idea, but up against Alibaba and with no big backing? Tough sell.

Today the markets will be focused on Sogou (pronounced So-Go), the number two mobile search engine in China, after Baidu. It priced 45 million shares at $13 – at the high end of the expected range.

Sogou is competing with Baidu in mobile search, but Sogou has heavyweight backing: Tencent owns about 39 percent of the company, according to Renaissance Capital.

For American investors, the appeal of Chinese IPOs is understandable: access to the biggest consumer market in the world.

Smith also highlighted one big difference between the U.S. and China IPO markets: “Many U.S. companies are seeking to hide in private valuations, but not the Chinese. They are rushing to go public.”

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