U.S.-listed Chinese Tech Businesses Halt HK-listing Plans

Major U.S.-listed Chinese firms, including Pinduoduo (NASDAQ:PDD) Inc and Full Truck Alliance Co, have halted conversations over a prospective Hong Kong listing, The Information said Wednesday, citing sources with knowledge of the situation.

The report comes after a U.S. accounting watchdog announced for the first time that it had full access to inspect and investigate firms in China, removing the possibility that approximately 200 Chinese companies could be removed from U.S. stock exchanges amidst strained relations between the world's two largest economies.

While the Chinese e-commerce giant has postponed negotiations of a prospective Hong Kong IPO, freight company Full Truck Alliance has canceled its long time proposal, according to the article.

Companies such as Alibaba (NYSE:BABA) Group Holding and JD.com (NASDAQ:JD) have sought to also list in Hong Kong over the past several years to hedge against the danger of delisting in the United States owing to political issues with China.

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