, meanwhile, pose a growing threat to international listings. Mainland companies including China Mobile and PetroChina are listed in New York, part of a group of about 200 mainland companies with a market cap of US$1.7 trillion, according to Citigroup.
Even before the equity market became the target of politicians across the Pacific, venture capitalists were telling the Chinese tech companies in which they invested not to consider a Nasdaq listing, lest they become collateral damage in the trade conflict. In the recent past, Beijing regarded Hong Kong with ambivalence. It looked askance at listings in Hong Kong that enabled mainland insiders to cash out, considering it a form of capital flight, as these fortunate executives received their proceeds in hard currency outside of the reach of the tax office back home.
A sign for STAR Market, China's new Nasdaq-style tech board, is seen after the listing ceremony of the first batch of companies at Shanghai Stock Exchange in Shanghai, China July 22, 2019. “US-China tensions have likely only heightened Hong Kong’s role as an offshore financial centre,” note Citigroup economists led by Johanna Chua in Hong Kong. They point to the opportunity not just for raising money but also for mainland Chinese companies to be included in stock indices such as the Hang Seng.
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