There is no place like home. Or so they say.
For Chinese companies listed in the US, the threat of a forced delisting looms large. The US Senate passed a bill in May that would prevent companies which refuse to open their books to US regulators from listing on Wall Street. JD.com, the ecommerce giant, and internet group NetEase both successfully pulled off secondary listings in Hong Kong. Domestic Chinese markets are surging.
Some 194 Chinese companies with a combined market capitalisation of $1.1tn are currently listed on the Nasdaq and the New York Stock Exchange, according to Refinitiv. Ten companies account for about 80 per cent of this market value. Alibaba alone is worth $600bn.
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