The main Chinese continental companies, which will be eliminated in New York in the middle of an audit row with the US authorities, are linked to Hong Kong, looking for a primary list in the SAR Stock Exchange. It is a coverage for them and a reinforcement for a market mistreated by global geopolitical tensions and COVID-19. Liu Yifan reports Hong Kong.
Some of the most important names in the corporate scene of the Chinese continent and listed on Wall Street are packing for more green pastures at home as a prolonged audit argument with the authorities of the United States crawls.
The special administrative region of Hong Kong, which has been the best place in the world for initial public offers in seven of the last 13 years, is at the end of a growing list of renowned Chinese companies in Return home as they draw a new road to the city with primary listings, consolidating the height of Hksar as an important world financial center.
The cargo has been the electronic commerce group based in Hangzhou Alibaba, which caused a stir when it debuted in the New York Stock Exchange in 2014, raising $ 25 billion, at that time the largest opi of world history. But, less than a decade later, the technology group made a single face, saying that it planned to raise its list of list in Hong Kong of "secondary" to "primary". It was a strong signal for their Chinese continental pairs to do the same in preparation for the worst of New York decoupling.
Unlike the secondary list of the group in Hong Kong since 2019 by which the issuer of shares could be exempt from the total compliance of the Listing Rules of the Asian Center, the dual primary list this time this time this time this time It requires that Alibaba complies with the complete reports rules of both markets, resulting in additional compliance costs.
but two incorporated advantages of a double primary list: a backup market for the sale of shares to mitigate the risk of excluding, as well as direct access to continental investors with pocket through the programs of Connection of cross -border actions of SAR with Shanghai and Shenzhen, have made such a collection a superior selection for eligible companies, even for those who have already taken a secondary list in Hong Kong.
Sword of Damocles
Alibaba's movement proved to be prophetic. Days after he decided to update the state of listing, the US stock and values commission. UU. He put the company in a "surveillance list" of more than 150 Chinese companies that quote in the United States that could be expelled from Wall Street in 2024 under foreign holding companies responsible law.
The law, which was approved by both Changes of the United States Congress and signed by the then US president Donald Trump in 2020, empowers the United States values surveillance agency to eliminate any company Foreign of the United States Exchanges if it is discovered that they did not meet the audit requirements of the Public Company Accounting Board, the United States Audit Supervisor, for three consecutive years.
Although conversations to break the dead point are still ongoing, uncertainties between Chinese companies that quote in the United States are far from finishing. As a Damocles sword that hangs on them, another new law is coming in the United States Congress. If you pass, you could even accelerate the exclusive timeline of companies for a year.
In a sign of increasing tensions, five of the largest state companies in China: Petrochina, Sinopec, Sinopec Shanghai Petrachemical, China China Safe and the China Aluminum Corporation: announced on August 12 its plans its plans to stop offering their actions in the United States. New York. Since the end of 2020, the United States has imposed sanctions that prohibit US investors to operate in dozens of companies with alleged links with the China Army. Last year took place last year, when the three largest telecommunications operators in China, China Mobile, China Unicom and China Telecom, were removed from the New York Stock Exchange.
"There is no call for safe navigation for Chinese companies currently Lis
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