Table updated January 8, 2024
Chinese Companies Listed on Major U.S. Stock Exchanges
This table provides data on Chinese companies listed on three of the largest U.S. stock exchanges: New
York Stock Exchange (NYSE), Nasdaq, and NYSE American.
*
As of January 8, 2024, there were 265
Chinese companies listed on these U.S. exchanges with a total market capitalization of $848 billion. That
valuation is down from the start of 2023, when this table tracked slightly fewer Chinese companies, 252,
listed on U.S. exchanges with a total market capitalization of $1.03 trillion.
Since January 2023, 24 Chinese companies have listed on the three U.S. exchanges, raising $656 million
in combined initial public offerings (IPOs).
†
In the table below, these newly listed companies are identified
with a section symbol (§) next to the stock symbol.
Another eleven companies have delisted over the same
time period.
‡
Companies are arranged by the size of their market capitalization. Companies that utilize a
variable interest entity (VIE) structure, described below, are highlighted in gray. Companies that are also
listed on the Hong Kong Stock Exchange are identified by the abbreviation +HK next to the stock symbol.
Recent Developments in Chinese Companies’ U.S. Listings
Chinese Regulators Tighten Restrictions on Overseas Filings
A flurry of Chinese IPOs came in the first quarter of 2023 before listing activity stalled after March 31,
2023, when China’s securities regulator implemented a revised approval process for companies going
public overseas.
§
1
Existing rules governing overseas listings of Chinese companies cap foreign investment
and ownership in certain sectors such as technology, compelling many companies to utilize a VIE to skirt
these requirements.
2
Under the revised review mechanism, all companies regardless of corporate ownership
structure are required to register their listing with the China Securities Regulatory Commission (CSRC),
enabling regulators to block any proposed listing that violates China’s laws and regulations or poses risks
to national security.
3
Though the CSRC touted the measures as necessary for enforcing regulatory
compliance and preventing fraud, its review process is wide-ranging, including an evaluation of the
company’s safeguards against disclosing what the Party-state considers as state secrets.
4
Listing activity
picked up again after the summer, with eight more Chinese companies listing between September and the
end of the year.
5
*
There are currently 26 “national securities exchanges” registered with the SEC in the United States, the majority of
which are owned by the Nasdaq, NYSE, or the Chicago Board Options Exchange (CBOE). As of August 2023, the
NYSE and Nasdaq were the top two exchanges globally, accounting for 42.4 percent of the total $110,2 trillion in
valuation traded on 80 major global exchanges. Dorothy Neufeld, “Mapped: The Largest Stock Exchanges in the
World,” Visual Capitalist, October 18, 2023. https://www.visualcapitalist.com/largest-stock-exchanges-in-the-world/;
U.S. Securities and Exchange Commission, National Securities Exchanges, September 26, 2023.
†
These newly listed companies are QuantaSing Group Ltd (QSG), Lichen China Ltd (LICN), Hesai Group (HSAI),
XIAO-I Corporation (AIXI), ICZOOM Group Inc. (IZM), Intchains Group Ltd (ICG), Jin Medical International
(ZJYL), YanGuFang International Group Co. Ltd (YGF), Hongli Group Inc. (HLP), Chanson International Holding
(CHSN), Hitek Global Inc. (HKIT), Shengfeng Development Ltd (SFWL), Millennium Group International Holdings
Ltd (MGIH), Golden Heaven Group Holdings Ltd (GDHG), Top KingWin Ltd (TCJH), U Power Ltd (UCAR), Jayud
Global Logistics Ltd (JYD), Cheche Group Inc. (CCG), Adlai Nortye Ltd (ANL), Global Mofy Metaverse Ltd (GMM),
Global Lights Acquisition Corp (GLAC), DDC Enterprise Ltd (DDC), Fenbo Holdings Ltd (FEBO), and ZKH Group
Ltd (ZKH).
‡
The delisted companies are Cloopen Group Holding (RAAS), Greencity Acquisition Corporation (GRCY), China
Index Holdings (CIH), Puhui Wealth Investment Management Co Ltd (PHCF), Qutoutiao Inc. (QTT), Borqs
Technologies Inc. (BRQS), Pingtan Marine Enterprise Ltd (PME), Global Cord Blood Corporation (CO), Bonso
Electronics International Inc. (BNSO), China Southern Airlines Co Ltd (ZNH), and China Eastern Airlines Co Ltd
(CEA).
§
Seven Chinese issuers debuted their shares on the Nasdaq in April 2023; however, these companies had registered
their listing with the U.S. exchange prior to March 31, 2023.
