2021 saw secondary listings of Baidu and Bilibili in Hong Kong and China Telecom in Shanghai.Īmid a tense geopolitical stand-off between the US and China, there have been increasing concerns about the future of some large Chinese company listings on US stock exchanges. In 2020, JD.com and NetEase Games also followed the route back home. In 2019, Alibaba completed its secondary listing in Hong Kong. We have been seeing trend since 2019 and we call this as their “homecomings”. Many Chinese TMT companies have now listed back in Chinaĭue to the more challenging environment on US exchanges, we have seen many Chinese TMT companies listed in the US opt for for secondary listings in China or Hong Kong. These regulations impact both Chinese companies already listed in the US or those planning to list in the US.

The regulations require companies to establish that they are not owned or controlled by a foreign government and also to allow the US Public Accounting Oversight Board to review the companies financial audits. However, they continue to face regulatory challenges amid the tense geopolitical situationĪmid a tense geopolitical stand-off between the US and China, there have been increasing concerns about the future of some the large Chinese company listings on US stock exchanges. In terms of IPO proceeds raised, the biggest three listings of Chinese companies were Didi Chuxing listing in New Yrk ($4.4 billion in 2021), Lufax’s listing in New York ($2.4 billion in 2020), and iQiyi listing on Nasdaq ($2.3 billion in 2018). These 86 Chinese companies have raised total proceeds of $31.6 billion in these US listings. Since the beginning of 2018, 86 Chinese companies listed on the US exchanges. Chinese Technology, Media, and Telecom (TMT) companies historically chose to list in the US to achieve greater liquidity and to access a broader investor base.

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