A Chinese recruitment company, one of dozens of mainland companies at risk of losing US market listing amid tension between Washington and Beijing over audit rules, has started trading in Hong Kong, reports Nikkei Asia.
Kanzhun is the first US-listed company to do so since American regulators said this month that they had been able to inspect a sample of Chinese companies’ accounts. The announcement by the Public Company Accounting Oversight Board reduced the threat that some 173 Chinese companies could be delisted from US exchanges, although the board said it could still reassess its view. The US had previously said Chinese companies—which have flocked to list in the US over decades—would be banned from its exchanges unless Beijing allows such audits.
Nasdaq-listed Kanzhun, which is backed by tech conglomerate Tencent, carried out a dual primary listing in Hong Kong as an “introduction,” which means it raised no new capital but listed existing shares.