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Economics Division, School of Social Sciences, Nanyang Technological University, 50 Nanyang Ave, Singapore

SHANG-JIN WEI

Columbia Business School and SIPA, Columbia University, 116th and Broadway, New York, NY 10027 USA

E-mail Address: shangjin.wei@columbia.edu

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GUIYING LAURA WU

https://orcid.org/0000-0002-5102-9837

Economics Division, School of Social Sciences, Nanyang Technological University, 50 Nanyang Ave, Singapore

E-mail Address: guiying.wu@ntu.edu.sg

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, and

MENGYING YUAN

https://orcid.org/0000-0002-0412-5244

School of Economics and Finance, South China University of Technology, Guangzhou, P. R. China

E-mail Address: mengying001@e.ntu.edu.sg

Corresponding author.

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https://doi.org/10.1142/S0217590824420025Cited by:2 (Source: Crossref)

This article is part of the issue:

Special Issue in Honor of Professor Yew-Kwang NG
Guest Editors: Qu Feng, Nanyang Technological University, Singapore, Guang-Zhen Sun, University of Macau, P.R. China and Guiying Laura Wu, Nanyang Technological University, Singapore

Abstract

Overseas listings by domestic firms are one of the ways for a country to attract foreign capital. China leads the world in the number and value of overseas listings. This paper documents the evolution of Chinese firms’ initial public offerings outside mainland China. We pay special attention to the role of the listing criteria of various exchanges in this evolution. We discuss important reforms of the listing requirements in both mainland and Hong Kong and their effects on the listing location choices by Chinese firms. Finally, we examine the delisting pressure on Chinese stocks from the US exchanges from both the Chinese and US authorities.

Financial support from the MOE AcRF Tier 1 Grant RG110/21 and CoHASS Incentive Grant Scheme 023350-00001 at Nanyang Technological University, and from the Fundamental Research Funds for the Central Universities at South China University of Technology, are gratefully acknowledged.

Keywords:

JEL: G10, G18, F31

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