More than a year after China pledged to smoothen the process for offshore listings, firms are reeling from a regulatory logjam that is unlikely to ease soon, and staring at the prospects of sharply lower valuations even as market sentiment improves. Hopes for a revival in overseas listings were sparked by Beijing's vow in April to facilitate Hong Kong IPOs and a strong debut of Zeekr in New York last month. China has clamped down on offshore capital raisings since 2021.
A bullish bet on a safe haven asset.
Key Insights Given the large stake in the stock by institutions, JD.com's stock price might be vulnerable to their...