China hopes it can have the best of both worlds—access to global funds and knowhow, but under its direct supervision. There are obvious risks
It is likely that all the $2.1trn of other mainland Chinese firms’ shares traded in the Big Apple will eventually follow suit, with the approval of the Chinese Communist Party. Yet do not imagine that China’s rulers seek financial isolation. For at the same time, they are busy welcoming Wall Street firms into the mainland’s financial system. China is pursuing a strategy of asymmetric decoupling: reducing its dependence on the West even as it seeks to increase the West’s dependence on China.
Over the past two years the mood has shifted. In 2019 Alibaba, the most valuable Chinese firm listed in New York, sought an additional listing in Hong Kong: in effect, a financial plan B. Now Didi will go further by leaving New York altogether. It is said to be under pressure from the Cyberspace Administration of China to shift its listing, probably to Hong Kong, which is increasingly under the direct supervision of the mainland government.
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