"Clearly Facebook drove the acceptance of the market, " accountingfor a majority of recent trading in pre-IPO stocks on exchanges, says Christopher Yang, who specializes in technology at Grove Street Advisors LLC, a Millennium investor that advises pension funds on venture investing.
As for overseas listings, the dwindling appetite for China-linked stocks in the U.S. and other foreign markets following a series of accounting frauds and scandals has made that option tougher.