News Snapshot:
Some of the biggest Chinese tech firms are seeing investors boost their proportion of Hong Kong-traded shares away from American Depository Receipts, as tougher US regulatory oversight and elevated bilateral tensions darken the prospects for such firms on Wall Street. Nine Chinese firms that have a US primary listing and either secondary or dual primary-listed status in the Asian financial hub have seen increased proportion of Hong Kong shares in the past year, according to Bloomberg’s calculations based on exchange data available through January 2021. Alibaba Group Holding and JD.com led the pack, with the conversions nearly doubling. ADR holders...
