China’s most ambitious and fastest-growing companies once flocked to U.S. markets to raise money. Now rising U.S. hostility and the increased attractions of listing closer to home are tipping the scales toward Hong Kong and Shanghai.
Since November, eight Chinese companies that originally went public on the New York Stock Exchange or the
Stock Market have added listings in Hong Kong, raising a total of $25.6 billion, according to Refinitiv. These companies, with a combined market capitalization of nearly $1 trillion, include e-commerce giant
Alibaba Group Holding Ltd.
Yum China Holdings Ltd.
, China’s biggest restaurant operator.
The pace of such partial migrations has picked up this summer, as tensions between the U.S. and China have escalated, and more are likely to follow, bankers, analysts and investors say. The companies are maintaining their U.S. listings, but having stock traded in Hong Kong is a safety net if they