What’s the cost for U.S.-listed Chinese companies seeking to trade shares in Hong Kong? Quora-like Zhihu’s one-fifth fall on its Asian debut shows it can be high. The $1 billion online Q&A forum is the latest in a steady stream of Chinese firms with Big Board berths to seek an escape route in case Washington pushes ahead with plans to eject companies from New York if its watchdogs cannot inspect their auditors – something Beijing has long resisted.
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermidHONG KONG, April 22 - What’s the cost for U.S.-listed Chinese companies seeking to trade shares in Hong Kong?
one-fifth fall on its Asian debut shows it can be high. The $1 billion online Q&A forum is the latest in a steady stream of Chinese firms with Big Board berths to seek an escape route in case Washington pushes ahead with plans to eject companies from New York if its watchdogs cannot inspect their auditors – something Beijing has long resisted.raise no new funds
through its Hong Kong homecoming. Deals comprised solely of existing shares tend to go down poorly, especially when the sellers’ remaining stake creates an overhang, as this does. Zhihu’s U.S. shares are down one-third since it launched the Hong Kong sale, driving its market value below its $1.1 billion net cash pile. Its Hong Kong experience raises questions over the escape plans of other cash-rich Chinese firms in New York. The answers are likely to be just as costly.
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