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China ADRs Secondary Listing

2020 saw nine companies undertake a secondary listing in Hong Kong, including the likes of JD.com, NetEase and Yum China, to together raise over US$16bn.

Things have only been getting more uncomfortable for China listings in the US, with the passage of the Holding Foreign Companies Accountable Act through Congress and being signed by Trump. At the same time, Hong Kong has taken further steps to welcome more companies back home.

We have covered the background in our previous notes:
China ADRs Secondary Listing Deep-Dive: Yin and Yang, published in Feb 2020, we looked at the background and rules around undertaking a secondary listing in Hong Kong and then came up with a short-list of companies that might undertake a secondary listing.

In China ADRs Secondary Listing: COVID-19 Has Increased the Tension but Narrowed the Short List published in May 2020, we looked at the recent developments and provided an revised short-list.

In China ADRs Secondary Listing - Holding Foreign Companies Accountable Act - I’m Coming Home, published in May 2020, we spoke about the implication of the act which had made its way through the senate.

In this note, I'll talk about the updates over the past few months and look at the pipeline of deals for the next few months.