Delisting of US-listed Chinese firms to boost Hong Kong's status as fundraising hub
Advertisement
'These companies may consider a secondary listing or a dual-primary listing in Hong Kong to raise funds, which will boost the initial public offering (IPO) market,' said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers, an industry body for stockbrokers.
A total of 286 Chinese companies were listed on the New York Stock Exchange, Nasdaq and NYSE American with a combined market capitalisation of US$1.1 trillion at the end of March, according to data from these exchanges.
Since January 2024, 48 mainland firms have listed on the three US bourses, raising a combined US$2.1 billion, including self-driving car firm Pony.ai and Geely's EV unit Zeekr.
02:54
Trump raises China tariffs to 125%, pauses US levies on most other nations for 90 days
Trump raises China tariffs to 125%, pauses US levies on most other nations for 90 days
Their fate remains uncertain after US Treasury Secretary Scott Bessent declined to rule out the possibility that Washington might delist Chinese stocks from US exchanges.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
Donald Trump says US and China will hold talks on TikTok deal early next week
US President Donald Trump has reaffirmed his interest in visiting China and announced that talks between Beijing and Washington were set to start early next week on a possible TikTok deal that could determine the future of the popular video-sharing platform. The fate of TikTok, which faces a potential ban in the US over national security concerns, has long been a sticking point in US-China relations. Under a law passed by the US Congress last year, ByteDance Ltd, the Beijing-based parent company of the social media app, is required to divest TikTok and secure a local buyer in the US. Trump, who has extended the divestment deadline three times to allow more time for negotiations, said on Friday that the US 'pretty much' had a deal on the sale of the app. 'I think we're gonna start Monday or to China, perhaps President Xi [Jinping] or one of his representatives, but we pretty much have a deal,' Trump told reporters on Air Force One, according to Reuters. When asked how confident he was that China would agree to a deal, he said, 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.'
HKFP
9 hours ago
- HKFP
France says ‘major issues remain' despite brandy price accord with China
France on Friday praised China's steps to settle a trade dispute over European brandy imports but warned that 'major issues' remained unresolved. The signs of a thaw in the row over the alcohol came as China's Foreign Minister Wang Yi met French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris. In recent months China and the European Union have butted heads over Beijing's generous subsidies for its domestic industries. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. In the latest salvo, China will from Saturday require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent. Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price. France's cognac makers' association BNIC, which includes key producers Hennessy, Remy Cointreau and Martell, confirmed that some companies had agreed to price increases in China to avoid anti-dumping taxes. 'Positive step' Macron and Barrot praised China's steps to resolve the dispute but stressed they would discuss the outstanding differences with Wang. 'This is a positive step towards resolving this dispute, which was threatening our exports,' Macron said on X. 'I will continue to raise these issues with the Chinese authorities this afternoon.' In a statement to AFP, Barrot said: 'Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions.' 'We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation,' he said. Wang has held fraught meetings in several European countries this week. After meeting Macron and Barrot, Wang told a press conference: 'The two sides had in-depth, active and sincere exchanges on Sino-French and European relations.' No mention was made of the brandy dispute. Almost all EU brandy is cognac produced in France, whose exports to China are worth 1.4 billion euros (US$1.6 billion) per year. French liquor giant Jas Hennessy said it would face levies of 34.9 percent if it did not stick to the deal. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent. 'The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation,' a Chinese commerce ministry spokesperson said in a statement. However, the European Commission kept up criticism of China's new tariffs. 'We believe that China's measures are unfair. We believe they are unjustified,' said commission trade spokesman Olof Gill. 'We believe they are inconsistent with the applicable international rules and are thus unfounded.' Upcoming summit China has sought to improve relations with the European Union as a counterweight to the United States. But frictions remain, including a yawning trade deficit of US$357.1 billion between China and the EU, as well as Beijing maintaining close ties with Moscow since Russia invaded Ukraine. The trade row blew up last year when the EU moved to impose hefty tariffs on Chinese electric vehicles, arguing that Beijing's subsidies unfairly undercut European competitors. Beijing rejected the accusation and announced what were seen as retaliatory probes into imported European pork, brandy and dairy products. The EU imposed extra import taxes of up to 35 percent on Chinese electric vehicles in October. Beijing lodged a complaint with the World Trade Organisation, which in April said it would set up an expert panel to investigate. China and the EU are to hold a summit this month to mark the 50th anniversary of their diplomatic ties. But Bloomberg News reported, citing unnamed sources, that Beijing would cancel the second day of the summit, in a sign of the tensions.
RTHK
18 hours ago
- RTHK
France praises China over thaw in brandy trade row
France praises China over thaw in brandy trade row Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs. Photo: AFP France on Friday praised China's steps to settle a trade dispute over European brandy imports but warned that "major issues" remained unresolved. The signs of a thaw in the row over the alcohol came as Foreign Minister Wang Yi met French President Emmanuel Macron and French Foreign Minister Jean-Noel Barrot in Paris. In recent months China and the European Union have butted heads over Beijing's generous subsidies for its domestic industries. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. In the latest salvo, China will from Saturday require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent. Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price. France's cognac makers' association BNIC, which includes key producers Hennessy, Remy Cointreau and Martell, confirmed that some companies had agreed to price increases in China to avoid anti-dumping taxes. Macron and Barrot praised China's steps to resolve the dispute but stressed they would discuss the outstanding differences with Wang. "This is a positive step towards resolving this dispute, which was threatening our exports," Macron said on X. "I will continue to raise these issues with the Chinese authorities this afternoon." In a statement to AFP, Barrot said: "Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions." "We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation," he said. Wang has held fraught meetings in several European countries this week. After meeting Macron and Barrot, Wang told a press conference: "The two sides had in-depth, active and sincere exchanges on Sino-French and European relations." No mention was made of the brandy dispute. Almost all EU brandy is cognac produced in France, whose exports to China are worth 1.4 billion euros (US$1.6 billion) per year. French liquor giant Jas Hennessy said it would face levies of 34.9 percent if it did not stick to the deal. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent. (AFP)
