HONG KONG (Reuters) – Ride-hailing giant Didi Global’s move to withdraw from the New York stock exchange has put a spotlight on other U.S.-listed Chinese firms and whether more will jump ship to Hong Kong and elsewhere.
Didi’s plan to withdraw may create an even deeper chill after this year’s drop-off in Chinese firms’ listings in the world’s most liquid market, bankers and advisers have said.
Here’s a FACTBOX on Chinese companies’ U.S. IPOs and their secondary listings in recent years.
U.S. LISTINGS BY CHINESE FIRMS
As a result of Beijing’s unprecedented regulatory crackdown on sectors including technology and private education, listings by Chinese companies in New York have tapered off in the second half of 2021 to their lowest level since the first half of 2017.
YEAR FIRST HALF SECOND HALF
2021 $12.74 billion $355 million*
2020 $2.82 billion $10.85 billion
2019 $1.49 billion $2.04 billion
2018 $4.12 billion $5.06 billion
2017 $311 million $3.50 billion
2016 $336 million $1.86 billion
*2021 second half data up to Dec. 2
SECONDARY LISTINGS BY U.S.-LISTED CHINESE FIRMS
To date, secondary listings in China and Hong Kong by U.S.-listed Chinese firms totalled $15.25 billion, according to Refinitiv data, higher than the last two years.
Here are the top six secondary listings undertaken by Chinese companies that have berths in the United States over the last three years:
DATE COMPANY DEAL SIZE EXCHANGE
Nov 2019 Alibaba $12.93 billion Hong Kong
June 2020 JD.com $4.46 billion Hong Kong
Nov 2021 BeiGene $3.33 billion STAR Market
June 2020 NetEase $3.12 billion Hong Kong
March 2021 Baidu $3.08 billion Hong Kong
March 2021 Bilibili $2.99 billion Hong Kong
(Source: Dealogic, Refinitiv)
(Reporting by Scott Murdoch and Nikhil Kurian Nainan; Editing by Sumeet Chatterjee and Emelia Sithole-Matarise)