🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

U.S.-listed Chinese tech companies cancel HK-listing plans: The Information

Published 12/28/2022, 03:40 PM
Updated 12/28/2022, 03:45 PM
© Reuters. The logo of Chinese e-commerce platform Pinduoduo Inc. is displayed next to a mobile phone, in this illustration picture taken March 22, 2022. REUTERS/Florence Lo/Illustration
JD
-
BABA
-
PDD
-

(Reuters) - Major U.S.-listed Chinese companies, including Pinduoduo (NASDAQ:PDD) Inc and Full Truck Alliance Co, have put discussions about a potential Hong Kong listing on hold, The Information reported on Wednesday, citing people familiar with the matter.

The report comes after a U.S. accounting watchdog said it had full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges amid rocky relations between the world's largest economies.

While the Chinese ecommerce firm has paused discussions of a potential Hong Kong listing, freight company Full Truck Alliance has scrapped its long time plan, according to the report.

© Reuters. The logo of Chinese e-commerce platform Pinduoduo Inc. is displayed next to a mobile phone, in this illustration picture taken March 22, 2022. REUTERS/Florence Lo/Illustration

Companies such as Alibaba (NYSE:BABA) Group Holding and JD (NASDAQ:JD).com have moved to also list in Hong Kong over the past few years to hedge the risk of potential delisting in the United States due to political disputes with China.

Pinduoduo and Full Truck Alliance did not immediately respond to a Reuters request for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.