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<Research>CLSA: ADR Delisting Risks Aggravate; PDD & Vipshop, w/o HK Listings, Face Greatest Risk
Recommend 15 Positive 38 Negative 18 |
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CLSA’s report forewarned that intensifying U.S.-China trade tensions are increasing the risk of delistings for U.S.-listed American Depositary Receipts (ADRs). Companies like PDD (PDD.US), Vipshop (VIPS.US), JOYY (JOYY.US), iQIYI (IQ.US), and Huya (HUYA.US), which lack Hong Kong listings, face the highest risks. Conversely, companies with dual primary listings in Hong Kong and the U.S., including BABA-W (09988.HK)(BABA.US), BILIBILI-W (09626.HK)(BILI.US), BOSS ZHIPIN-W (02076.HK)(BZ.US), KINGSOFT CLOUD (03896.HK)(KC.US), ZHIHU-W (02390.HK)(ZH.US), and BAOZUN-W (09991.HK)(BZUN.US), are at lower risk. CLSA forecast that stocks primarily listed in Hong Kong should face limited impact, with most investors likely to retain their Hong Kong-listed shares. However, in a worst-case scenario, U.S. investors may be forced to sell Chinese stocks, potentially causing share prices to dive 40-50%. Over time, support from Chinese investors is expected to gradually stabilize prices. AAStocks Financial News |
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