Companies could flock to list in Hong Kong or Chinese domestic markets if the U.S. were to restrict investments in China, analysts say.
Pivoting away from the U.S. would be good news for Hong Kong, which has seen proceeds from initial public offerings drop 46.8% compared to the same period last year, according to data from Refinitiv. It is also the lowest since 2017, according to Refinitiv.
"Since Chinese stocks have several alternative listing options, ranging from London to Hong Kong to the ever burgeoning on-shore market, losing access to the US would be negative but not devastating," said strategists Philip Wee and Eugene Leow in the note.
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