E-commerce platform operator PDD Holdings and securities brokerage Futu Holdings are among 27 US-listed Chinese firms that could meet the listing requirements in Hong Kong, leaving at least 170 others at risk of being ejected from American stock exchanges, Goldman Sachs said.
These 27 firms, which have a combined market capitalisation of US$191 billion, could either go for dual-primary or secondary listing in the Asian financial hub, the Wall Street investment bank said in a report on Wednesday. US Treasury Secretary Scott Bessent said “everything’s on the table” as the risk of financial-market decoupling emerges amid a US-China tariff war.
The 170-odd Chinese companies currently ineligible for Hong Kong listing “might consider privatisation or other means to return capital to shareholders in the case of forced delisting on US bourses”, strategists including Kinger Lau and Timothy Moe said in the report.
Apart from PDD and Futu, Goldman also listed Full Truck Alliance, Zeekr Intelligent Technology, Legend Biotech, electronic cigarette producer RLX Technology and TAL Education among those that could turn to Hong Kong to preserve their listing status.
“It is natural for them to consider a listing in Hong Kong,” said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers, an industry body for stockbrokers. “The Chinese central government has shown its full support for Hong Kong’s capital market.”
Some 30 of the biggest US-listed Chinese groups – including the Post’s owner Alibaba Group Holding, JD.com and Baidu – have gained primary or secondary listing in Hong Kong since 2019 after the threat of delisting first emerged over the lack of US access to their audit reports.
