Chinese Companies Listed on Major U.S. Stock …
Last updated: May 5, 2021
Chinese Companies Listed on Major U.S. Stock Exchanges
This table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges. i As of May 5, 2021, there were 248 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.1 trillion. On October 2, 2020, when this table was last updated, there were 217 companies with a total market capitalization of $2.2 trillion. In the list below, newly added companies are marked with a section symbol (?) next to the stock symbol. ii Companies are arranged by the size of their market cap. There are eight national-level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol. iii
Since this table was last updated in October 2020, 17 Chinese companies have delisted. Two companies currently trade over the counter: Kingold Jewelry (KGJI, $3 million market cap) and state-owned Guangshen Railway (GSHHY, $2,256 million market cap). The 17 delisted companies also include four companies targeted by the Executive Order 13959 ("Addressing the Threat from Securities Investments That Finance Communist Chinese Military Companies"), which prohibited investment in Communist Chinese Military Companies. These are: China Unicom, China Telecom, China Mobile, and CNOOC Limited. In addition, Semiconductor Manufacturing International Corporation (SMIC) stopped trading over the counter as a result of the order.1 The remaining U.S.-listed company subject to the order is Luokung Technology Corp. (see listing 101). 2 Luokung's delisting by NASDAQ was postponed following a preliminary injunction granted by the U.S. District Court for the District of Columbia on May 5, 2021. 3
This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 4 NASDAQ information is current as of February 25, 2019; NASDAQ no longer publicly provides a centralized listing identifying foreign-headquartered companies.
For the purposes of this table, a company is considered "Chinese" if: (1) it has been identified as being from the People's Republic of China (PRC) by the relevant stock exchange; (2) it lists a PRC address as its principal executive office in filings with U.S. Securities and Exchange Commission; or (3) it has a majority of operations in the PRC, including companies structured offshore but whose value is ultimately tied through a relationship in the PRC. Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshore registration may hide or not identify their primary Chinese corporate domicile in their listing information. This complicates tracing, making it difficult to guarantee that this list captures all Chinese companies registered offshore. Companies domiciled exclusively in Hong Kong also are not included on this list. If information on the company's IPO year, IPO value, or underwriters is not available, the field is marked "n/a."
Investment in Chinese companies may entail several risks associated with the legal, regulatory and financial environment in mainland China, including:
? Lack of transparency: The PCAOB, a nonprofit corporation established by Congress to oversee the audits of publicly traded companies listed on U.S. exchanges, is currently unable to inspect working papers of auditors based in the PRC and Hong Kong. In 2013, the PCAOB signed a Memorandum of Understanding (MOU) on audit oversight with the China Securities Regulatory Commission and the Ministry of Finance. Over the next seven years, the Chinese government has prevented Chinese-based auditing firms from complying with U.S. law on audit inspections. 5 The PCAOB and the U.S. Securities and Exchange Commission have repeatedly expressed their
i There are currently 13 exchanges in the United States, 12 of which are owned by NASDAQ, NYSE, or CBOE. Only NASDAQ and NYSE rank in the top 70 exchanges globally. ii Some companies added in this updatehad an IPO prior to the last update(October 2, 2020). These companies were identified through theuseof CapitalIQ. iii This list is drawn from the directory of SOEs published by theState-owned Assets Supervision and Administration Commission of the People's Republic of China's StateCouncil. An archived version of the SASAC's directory is available here: h ttp s://web .archiv e.o rg/web /20191208080817/en .s asac.g directory names .html.
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Last updated: May 5, 2021
concern regarding obstacles to PCAOB inspection of auditors based in the PRC and Hong Kong. In the past year, the PCAOB reported 252 audit reports issued by or relying on referred work from PCAOB-registered firms in jurisdictions where authorities deny access to conduct inspections. All of these firms are based in China and Hong Kong. iv This lack of compliance with international audit inspections calls into question the reliability of the corporate financial statements guiding valuation and investment. The case of Luckin Coffee illustrates the risks. In presenting information to support its initial public offering, Luckin manipulated critical revenue, operations and customer traffic data. During its IPO, shares traded at $17 raising $561 million in capital. 6 Luckin's peak market capitalization was $12 billion, with shares trading at just over $50. 7 Within weeks of the disclosure of falsified information, the stock collapsed ultimately leading to losses for investors and its delisting from NASDAQ. 8
? The legal standing of VIEs in China is unclear: The PRC legally prohibits foreign direct investment in certain industries, including many high-tech sectors, and maintains strict controls on foreign exchange and capital flows. To circumvent these restrictions, mainland Chinese companies interested in raising funds on U.S. exchanges create offshore corporate entities for foreign investment using a complex structure called a variable interest entity (VIE).v In a March 2019 survey of 182 Chinese companies listed on NYSE and NASDAQ, Paul Gillis, professor of practice at Peking University Guanghua School of Management, found that 125 of these companies used the VIE structure.9 VIE arrangements between mainland companies and their associated offshore entities have questionable status under Chinese laws. In February 2021, the State Administration for Market Regulation (SAMR) issued new guidelines for the platform economy establishing that VIEs are formally covered by China's Anti-Monopoly Law, which requires companies to seek SAMR approval for mergers and acquisitions. vi,10 According to Mr. Gillis, the broader impact of this law on the legality of existing VIE structures is unclear since the guidelines may not represent "a meaningful change in China's approach to VIEs."11 The unresolved standing of the VIE structure under Chinese law means U.S. investors could have no recourse to enforcement in the Chinese legal system if VIE-listed companies take the company private at lower valuationvii or if the businesses fail. According to Steve Dickinson and Dan Harris, co-authors of the China Law Blog and attorneys focusing on Chinese law, there is an additional risk related to VIEs. Since they have questionable legal status in China, the government could take action to close or control operations. 12
? National security risk: Investors in Chinese companies may support activities that are contrary to U.S. national interests, including the development of technology used for censorship and surveillance and in support of the military. For example, Weibo Corporation, (see below, listing 31) currently is valued at $11.6 billion. Weibo works under government direction to censor posts on its blogging platform and is used by the centraland local governments to surveil and censor public protests. 13 Ostensibly private companies in China are subject to pressure and control by the state. China's 2017 National Intelligence Law states, "any organization or citizen shall support, assist, and cooperate with state intelligence work" and the 2017 Cybersecurity Law requires companies to "provide technical support and assistance to public security organs."14 The CCP's "Opinion on Strengthening the United Front Work of the Private Economy in the New Era" released on September 15, 2020 stresses the importance of CCP control over the private economy, including private entrepreneurs. According to Beijing-based political analyst Wu Qiang,
iv Many of the companies included in the table compiled by the Commission staff meet the criteria to be included in PCAOB list, which is available at: . v For a more in-depth explanation of VIEs and associated risks, see U.S.-China Economic and Security Review Commission, 2019 Annual Report to Congress, 176?177. in a%20Co mmercial%20Relatio n s .pdf. vi Following the release of these guidelines, SAMR fined 12 companies including Tencent, Alibaba, and Baidu themaximum penalty ($77,000) for failing to notify SAMR of previous mergers through VIEs. Reuters, "China Market Regulator Fines 12 Firms for Violating Anti-Monopoly Law," March 11, 2021. -fo r-v io latin g -an ti-mo n op oly-law-id USKBN2B40EF. vii In 2016, Qihoo 360 went private fromNasdaq after paying U.S. shareholders $9.3 billion in stock value. The company relisted on the Shanghai Stock Exchange in 2018 at a value of more than $60 billion. Former Qihoo 360 shareholders filed two lawsuits against the company in 2019, claiming they were misled about the company's value. U.S.-China Economic and Security Review Commission, 2019 Annual Report to Congress, 180. .
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Last updated: May 5, 2021
the opinion "serves as a reminder for the firms that they are always affiliates of the Party, which has firm control over them."15
Symbol
Name
Market IPO Month IPO
Cap
and Year Value
Sector
Lead Underwriters
(US$ mil)
(US$ mil)
1. BABA Alibaba Group $614,827 September $21,767 Business Credit Suisse, Deutsche Bank,
Holding Limited
2014
Services Goldman Sachs, JP Morgan
Chase, Morgan Stanley,
Citigroup
2. PDD Pinduoduo Inc. $164,319 July
$1,626 Business CICC, Credit Suisse, and
2018
Services Goldman Sachs
3. LFC*
China Life $121,534 December $3,000 Finance CICC, Credit Suisse, Citigroup,
Insurance
2003
Deutsche Bank
Company
Limited
4.
JD
, Inc. $117,766 May
$1,800 Consumer Merrill Lynch, UBS
2014
Services
5. PTR*
PetroChina $114,444 April
$680
Energy Blackrock, Inc., JP Morgan
Company
2000
Chase, Citigroup, Goldman
Limited
Sachs
6. SNP*
China
$76,662 October $3,500 Energy Morgan Stanley, China
Petroleum &
2000
International Capital Corp (CICC)
Chemical
Corporation
7. NTES NetEase, Inc. $72,258
June
n/a
Business Merrill Lynch and Deutsche
2000
Services Bank
8. BIDU
Baidu, Inc. $68,229 August
$109 Technology Goldman Sachs, Piper Jaffray,
2005
Credit Suisse
9.
NIO
NIO Inc.
$61,789 September $1,000 Consumer Bank of America Merrill Lynch,
American
2018
Durables Citigroup, Credit Suisse,
depositary
Deutsche Bank, Goldman Sachs,
shares
JPMorgan, Morgan Stanley, UBS
10. BEKE
KE Holdings $58,624 August
$2,100 Real Estate Morgan Stanley, China
(Beike
2020
Renaissance, and J.P. Morgan
Zhaofang)
11. BILI
Bilibili Inc.
$39,956 March
$483 Technology Merrill Lynch, JP Morgan Chase,
2018
Morgan Stanley
12. TAL TAL Education $32,532 October
$120 Consumer Credit Suisse, Morgan Stanley
(prev.
Group
2010
Services
XRS)
13. BGNE?
BeiGene
$28,363 February $158
Health Goldman Sachs, Morgan
2016
Care Stanley, Cowen and Company
14. LU?
Lufax
$28,021 October $2,360 Finance Bank of America, Goldman
2020
Sachs, UBS, HSBC
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Last updated: May 5, 2021
15. TME Tencent Music $27,352 December $1,100 Technology Bank of America, Deutsche
Entertainment
2018
Bank, Goldman Sachs,
Group
JPMorgan, Morgan Stanley
16. ZTO
ZTO Express $26,650 October $1,406 Transporta Morgan Stanley, Goldman Sachs
(Cayman) Inc.
2016
tion
17. YUMC
Yum China
$26,027 November n/a
Consumer n/a
2016
Non-
Durables
18. EDU New Oriental $24,856 March
$113 Consumer Credit Suisse, Goldman Sachs
Education &
2006
Services
Technology
Group, Inc.
19. TCOM
$24,334 December $76
Business Merrill Lynch
(prev. International,
2003
Services
CTRP)
Ltd.
20. XPEV
Xpeng
$22,461 August $1,500 Consumer Bank of America, Credit Suisse,
2020
Durables and J.P. Morgan
21. VIPS
Vipshop
$20,154 March
$72 Consumer Goldman Sachs and Deutsche
Holdings Limited
2012
Services Bank
22. HTHT Huazhu Group $18,536 March
$110 Consumer Goldman Sachs, Morgan Stanley
Limited
2010
Services
23.
LI
Li Auto
$17,025
July
$1,000 Consumer Goldman Sachs, Morgan
2020
Durables Stanley, UBS, CICC
24. RLX? RLX Technology $17,012 January 2021
$1,400 Consumer Citigroup, China Renaissance Non-
Durables
25. ZLAB Zai Lab Limited $14,341 September $150
Health Citigroup, JP Morgan Chase,
2017
Care Leerink Partners
26. GDS GDS Holdings $14,279 November $193 Technology Credit Suisse, J.P. Morgan
Limited
2016
27. ZNH* China Southern $13,692
July
n/a Transporta Goldman Sachs
Airlines
1997
tion
Company
Limited
28. ATHM Autohome Inc. $11,305 December $133 Technology Deutsche Bank, Goldman Sachs
2013
29. ACH*
Aluminum
$11,257 December
n/a
Basic JP Morgan Chase, Blackrock,
Corporation of
2001
Industries Goldman Sachs, Templeton
China Limited
Asset Management, Capital
Group
30. CEA* China Eastern $11,254 February
n/a Transporta Morgan Stanley
Airlines
1997
tion
Corporation Ltd.
31. IQ
iQIYI, Inc.
$11,216 March $2,250 Consumer Goldman Sachs, Merrill Lynch,
2018
Services Credit Suisse
32. WB
Weibo
$10,846
April
$286 Technology Credit Suisse, Goldman Sachs
Corporation
2014
33. KC
Kingsoft Cloud $9,400
May
$510 Technology JPMorgan, UBS, Credit Suisse
2020
and CICC
4
34. HNP* Huaneng Power
International,
Inc.
35. MNSO?
Miniso
$8,885 $7,739
October 1994
October 2020
36. GSX GSX Technology $6,921
June 2019
37. YY
JOYY Inc.
$6,842 November
(previously YY
2012
Inc.)
38. YSG? Yatsen Holding $6,304 November
2020
39. DQ 40. DADA
DAQO New Energy Corp. Dada Nexus
$5,626 $5,509
October 2010 June 2020
41. OCFT OneConnect $5,507 December
Financial
2019
Technology Co.,
Ltd
42. API?
Agora
$5,233
June
2020
43. SHI*
SINOPEC
$5,029
July
Shanghai
1993
Petrochemical
Company, Ltd.
44. CD
ChinData
$4,923 September
2020
45. ZH?
Zhihu
$4,784 March
2021
46. JOBS
51job, Inc.
$4,598 September
2004
47. IMAB
I-Mab
$4,261 January
Biopharma
2020
48. LEGN Legend Biotech $4,046
June
2020
49. HUYA
HUYA Inc.
$3,865
May
2018
50. QFIN 360 DigiTech $3,750 December
(previously 360
2018
Finance, Inc.)
n/a $608 $208 $82 $617 $76 $320 $312
$350 n/a
$540 $772 $74 $104 $424 $180 $52
Last updated: May 5, 2021
Energy CICC, Goldman Sachs, Macquarie, Morgan Stanley
Consumer Non-
Durables Consumer
NonDurables Technology
Goldman Sachs, Bank of America Securities
Credit Suisse, Deutsche Bank, Barclays Capital Inc., and CLSA
Citigroup, Deutsche Bank, Morgan Stanley
Consumer Non-
Durables
Technology
Goldman Sachs, Morgan Stanley, CICC
Morgan Stanley
Consumer Non-
Durables Technology
Goldman Sachs, Bank of America, Jefferies
Morgan Stanley, Goldman Sachs, J.P. Morgan, Ping An
Finance
Basic Industries
Morgan Stanley, Bank of America, Needham & Company Morgan Stanley, CICC
Technology Morgan Stanley, Citi Group
Technology Credit Suisse, Goldman Sachs, J.P. Morgan Securities
Technology Morgan Stanley
Health Care Health Care Technology
Finance
Jefferies, CICC
Morgan Stanley, J.P. Morgan, Jefferies Credit Suisse Securities, Goldman Sachs, Citigroup Global Markets, Jefferies AAMTD Global Markets Ltd, Citigroup Global Markets, Goldman Sachs, Haitong International Securities Co Ltd, Lighthouse Capital Inc.
5
51. VNET 21Vianet Group, $3,617
April
Inc.
2011
52. SOGO
Sogou Inc.
$3,281 November
2017
53. BNR
Burning Rock $2,984
June
Biotech
2020
54. YALA 55. MOMO
Yalla Group Momo Inc.
$2,932 $2,923
September 2020
December 2014
56. DAO Youdao Inc ADR $2,891 October
Class A
2019
57. TIGR
Up Fintech Holdings
$2,878
March 2019
58. DOYU
Douyu
$2,757
July 2019
59. NOAH Noah Holdings $2,747 November
Ltd.
2010
60. BZUN Baozun Inc. $2,598
May
2015
61. NIU
Niu
$2,564 October
Technologies
2018
62. CSIQ Canadian Solar $2,324 November
Inc.
2006
63. CAN Canaan Creative $2,064 November
2019
64. EM?
65. FINV (prev. PPDF)
66. GTH 67. JKS
Smart Share Global Limited
FinVolution Group
(previously PPDAI Group
Inc.) Genetron
Health JinkoSolar Holding
$1,951
January 2021
$1,836 November 2017
$1,801 $1,568
June 2020 May 2010
$195 $585 $281
$140 $216 $95 $104
$775 $101 $110 $63 $116 $90
$150 n/a
$256 $64
Last updated: May 5, 2021
Technology Technology
Health Care
Technology Technology
Consumer Non-
Durables Finance
Technology
Finance
Deutsche Bank, Goldman Sachs, Barclays J.P. Morgan, Credit Suisse, Goldman Sachs, CICC Morgan Stanley, Bank of America, Cowen, CMB International Capital, Tiger Brokers Morgan Stanley, Haitong International Morgan Stanley, Credit Suisse, J.P. Morgan, China Renaissance Securities Citigroup Global Markets Inc., Morgan Stanley, Credit Suisse
Citigroup Global Markets, Deutsche Bank, AMTD Global Markets, China Merchants Securities (HK), Top Capital Partners Morgan Stanley, JPMorgan, Bank of America Merrill Lynch, CMB International Merrill Lynch, JP Morgan Chase
Consumer Services Capital Goods Technology Technology
Technology
Technology
Merrill Lynch, Credit Suisse, Morgan Stanley Citigroup, Credit Suisse
Deutsche Bank, Lehman Brothers Citigroup Global Markets Inc., China Renaissance Securities (Hong Kong) Ltd., CMB International Goldman Sachs (Asia), Citigroup Global Markets, China Renaissance Securities Credit Suisse, Citigroup Global Markets
Health Credit Suisse, CICC Care Technology Credit Suisse
6
68. LX
Company Limited LexinFintech Holdings Ltd.
$1,546 December 2017
69. RAAS? Cloopen Group $1,469 February
2021
70. NFH New Frontier $1,463
July
Health
2018
Corporation
71. MSC
Studio City
$1,373 October
International
2018
Holdings Limited
72. GHG
GreenTree
$1,355
March
Hospitality
2018
Group
73. HLG
Hailiang
$1,258
July
Education
2015
Group Inc.
74. EH
Ehang
$1,238 December
2019
75. YQ? 17 Education & $1,167 December
Technology
2020
Group
76. YI
111, Inc.
$972 September
2018
77. CNTB?
Connect
$929
March
Biopharma
2021
Holdings
78. CANG
Cango Inc.
$915
July 2018
79. SY
SoYoung
Technology
80. HOLI
Hollysys
Automation
Technologies,
Ltd.
81. GRCL?
Gracell
Biotechnologies
$870 $808
$784
May 2019 n/a
January 2021
82. UXIN Uxin Limited
$781
June 2018
83. SOS
SOS Limited
(prev.
(previously
XRF)
China Rapid
Finance Limited)
$766
April 2017
$108 $320 n/a $359 $143 $20 $40 $288 $101 $220
$44 $179 n/a
$209 $225 $60
Last updated: May 5, 2021
Finance Technology
Deutsche Bank, Goldman Sachs, Merrill Lynch, China Renaissance Securities Goldman Sachs, Citigroup, CICC
Consumer Credit Suisse, UBS Investment Services Bank
Consumer Deutsche Bank, Credit Suisse, Services Morgan Stanley
Basic Merrill Lynch, Morgan Stanley, Industries UBS Investment Bank
Consumer Network 1 Financial Securities Services
Technology Morgan Stanley
Consumer Services
Health Care Health Care
Consumer Services
Technology
Goldman Sachs (Asia), Morgan Stanley, Bank of America Securities CICC, Citigroup, JP Morgan Chase
Jefferies, SVB Leernick, Piper Sandler & Co., China International Capital Corporation Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith, Goldman Sachs Deutsche Bank, CICC
Energy JP Morgan Chase
Technology
Business Services Finance
Citigroup Global Markets, Jefferies, Piper Sandler, Wells Fargo CICC, China Renaissance Securities, Goldman Sachs, JP Morgan Chase, Morgan Stanley Morgan Stanley, Credit Suisse, Jefferies
7
84. BTCM (prev. WBAI)
85. FANH
BIT Mining (previously ) Fanhua Inc.
86. SOHU
Limited
87. EBON?
Ebang
International
Holdings
88. BEDU Bright Scholar
Education
Holdings Limited
89. LKCO
Luokung
Technology
Corp
90. QTT Qutoutiao Inc.
91. NTP 92. IH?
Nam Tai Property Inc.
iHuman
93. CO
94. ZEPP (prev. HMI)
95. SOL
Global Cord Blood
Corporation
Zepp Health Corporation (previously
Huami Corporation) Renesola Ltd.
96. BTBT (prev. DNJR)
97. ADAG?
Bit Digital (previously Golden Bull Limited) Adagene
98. VIOT
Viomi
Technology Co.,
Ltd
99. QD
Qudian Inc.
100. BEST (prev. BSTI)
101. WIMI
BEST Inc.
WiMi Hologram Cloud
$755 $717 $705 $699 $683 $658 $642 $630 $623 $614 $608
$582 $578
$576 $505 $494 $493 $479
November 2013
November 2007 July 2000 June 2020
May 2017
May 2010
September 2018 January 2003
October 2020
November 2009
February 2018
January 2008 March 2018
February 2021
September 2018
October 2017
September 2017
March 2020
$75 $188 $60 $101 $158 $16 $84 n/a $84 n/a $110
$130 $6
$140 $103 $900 n/a $26
Last updated: May 5, 2021 Technology Deutsche Bank
Finance Morgan Stanley Technology Credit Suisse Technology AMTD
Consumer Deutsche Bank, Morgan Stanley Services
Technology Roth Capital Partners, INC
Technology Citigroup, Deutsche Bank
Finance n/a
Customer Services
Health Care
Credit Suisse, Citigroup n/a
Technology China Renaissance Securities, Credit Suisse, Citigroup
Energy Credit Suisse, Deutsche Bank Finance ViewTrade Securities
Heath Care
Consumer Durables
Goldman Sachs (Asia), Morgan Stanley, Jefferies CICC, Morgan Stanley
Finance
Consumer Services
Technology
Citigroup, CICC, Credit Suisse, Morgan Stanley, and UBS
Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, and Deutsche Bank
Benchmark Company, Valuable Capital, Maxim Group, China Merchants Securities (HK) Co.
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