Watch These Homecoming China Stock Listings in 2022

(Bloomberg) — With Didi Global Inc. seeking a listing in Hong Kong less than a year after its tumultuous debut in New York, investors are looking for other U.S.-traded Chinese names that could potentially offer shares closer to home amid regulatory pressures.

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Such so-called “homecomings” are a hot topic in the Asian financial hub as U.S. authorities step up demands over disclosures and Chinese officials seek to reel in overseas offerings citing security concerns. Listing in Hong Kong is seen as an alternative for firms wanting to retain access to global investors while being more palatable to Beijing. It is also simpler and quicker than a mainland deal.

The regulatory threats mean companies with a total market cap of almost $200 billion currently listed only in the U.S. may need to seek a return to Hong Kong or the mainland soon, Bloomberg Intelligence analysts Matthew Kanterman and Tiffany Tam wrote in a note. A list compiled by Bloomberg News includes Pinduoduo Inc. and Nio Inc. among the largest names.

Didi could file with the Hong Kong Stock Exchange around March, people with knowledge of the matter have told Bloomberg News. It is poised to join over a dozen Chinese firms that have already completed second listings in the city after making global debuts through American depositary receipts, including JD.com Inc. and Alibaba Group Holding Ltd.

“Many of the big mutual funds are in the process of or have converted the majority of their ADR exposure into Hong Kong shares for stocks which are currently dual listed, suggesting a natural migration to Hong Kong is taking place,” said Alex Abagian, co-head of Asia Pacific equity capital markets at Morgan Stanley.

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Below are the U.S.-traded companies that could come up with homecoming listings:

Pinduoduo

The e-commerce operator is the biggest Chinese company by market capitalization listed only in the U.S. Founded by Colin Huang, it has been one of the few major internet giants to escape a direct hit from Beijing’s wide-ranging tech crackdown. The firm’s ADRs rose to a…

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