Hong Kong seeks to attract US-listed mainland firms amid trade war
Several US-listed mainland Chinese companies have reached out to the Hong Kong government amid the escalating trade war, the city's innovation minister has said, while calling for the financial hub to seize opportunities created by the crisis to showcase its international appeal.
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Secretary for Innovation, Technology and Industry Sun Dong weighed in on the intensifying US-China tensions at the legislature on Friday, the same day Beijing increased tariffs on US imports to 125 per cent in retaliation for Washington's decision to raise duties on Chinese goods to 145 per cent.
During a special Financial Committee meeting of the Legislative Council, lawmaker Elizabeth Quat Pei-fan asked the government to try to attract Chinese-American tech talent and US-listed Chinese firms that were seeking to leave the North American country amid the US-trade war.
'[The government] could consider building a green lane to facilitate the listing of high-quality Chinese tech firms in Hong Kong. This can boost Hong Kong's stock market while advancing Hong Kong's tech development,' Quat said.
US Treasury Secretary Scott Bessent reportedly declined to rule out the possibility that Washington might delist Chinese stocks from US exchanges. He also warned Beijing against trying to devalue its currency as a way to respond to the new tariffs.
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In response to the lawmaker, Sun said: 'In reality, there are quite a few mainland companies listed on the Nasdaq that have recently reached out to us through different means. In this time, Hong Kong must leverage its unique advantages – freedom, openness and internationalism.'
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