US-listed Chinese tech companies cancel HK-listing plans

Major U.S.-listed Chinese companies, including Pinduoduo 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.

Companies such as Alibaba Group Holding, and 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. Reuters