With Didi Global Inc. seeking a listing in Hong Kong less than a year after its tumultuous New York debut, investors are looking for other U.S.-traded Chinese names that could potentially offer stocks closer to home in a context of regulatory pressure.
The so-called “homecoming” is a hot topic in the Asian financial hub, as US officials step up disclosure requirements and Chinese officials seek to attract overseas deals citing security concerns. security. Listing in Hong Kong is seen as an alternative for companies that want to retain access to global investors while being more acceptable to Beijing. It is also simpler and faster than an agreement on the continent.
Regulatory threats mean that companies with a total market capitalization of nearly $ 200 billion currently listed in the United States alone may have to seek a return to Hong Kong or the mainland soon, Bloomberg Intelligence analyst Matthew Kanterman wrote and Tiffany Tam in a note. A list compiled by Bloomberg News includes Pinduoduo Inc. and Nio Inc. among the biggest names.
Didi could file a filing with the Hong Kong Stock Exchange around March, people with knowledge of the matter told Bloomberg News. He is set to join more than a dozen Chinese companies that have already completed their second listing in the city after making their global debut with US certificates of deposit, including JD.com Inc. and Alibaba Group Holding. Ltd.
“Many large mutual funds are in the process of converting or have converted the majority of their ADR exposure to Hong Kong stocks for currently double listed stocks, suggesting a natural migration to Hong Kong,” said Alex Abagian, co. -Head of Asia-Pacific equity capital markets at Morgan Stanley.
Below are the companies listed in the United States that may have come-home announcements:
Pinduo
The e-commerce operator is the largest Chinese company by market capitalization listed only in the United States. Founded by Colin Huang, it was one of the few internet giants to escape the direct hit of Beijing’s vast technological crackdown. The company’s ADRs hit an all-time high in New York in February, but have fallen around 70% since in a massive sell-off of Chinese stocks around the world.
Nio
The electric vehicle maker could follow its peers XPeng Inc. and Li Auto Inc., which launched the second main listing in Hong Kong this year. Nio unveiled its second sedan this month, which will more directly compete with Tesla Inc.’s most popular Model 3. Its ADRs are down about 50% from their February record.
KE Holdings Inc.
The Beijing-based online housing platform was the target of short seller Muddy Waters Research this month. KE said the report is “without merit” and that it authorized an internal review of key Muddy Waters allegations. The impact was minimal on ADRs, which were already down more than 70% from February’s record.
Kanzhun Ltd.
Beijing-based owner of online recruiting platform Boss Zhipin made his US debut in June and has managed to trade well above the listing price since then despite the volatility that has dominated. Chinese names. Its ADRs have increased 73% since listing. (market capitalization of $ 13.5 billion)
Tencent Musical Entertainment Group
The music entertainment company, rival of NetEase Inc.’s Cloud Village Inc., made its New York City debut more than three years ago. According to Bloomberg Intelligence, the company is well positioned to capture a share of the booming $ 800 billion metaverse market through its virtual concert business. Its ADRs are down 80% from the March peak to about half of their 2018 IPO price (market cap of $ 11 billion)
Futu Holdings Ltd.
The Chinese online brokerage firm plans to file an application for listing in Hong Kong that could bring in around $ 1 billion, IFR reported in October. Its ADRs have fallen almost 80% from a February record, although they are still trading at around three times their March 2019 IPO price (market cap of $ 6 billion)
IQiyi Inc.
The video entertainment services operator has fallen more than 80% since the end of March, hit by fears that Chinese tech giants could be kicked out of U.S. stock exchanges. The Baidu Inc. subsidiary has reportedly picked banks for a second listing in Hong Kong, according to a Bloomberg News report in October. (market capitalization of $ 3.9 billion)
–With help from Julia Fioretti, John Cheng and Jeffrey Hernandez.
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