Could Didi List in Hong Kong to Stop Bleeding for Shareholders?

Could the path to relief for Didi Global’s beleaguered shareholders run through Hong Kong?

It’s a pressing question as Full Truck Alliance, a U.S.-listed Chinese commercial freight company, which like Didi is under cybersecurity investigation by Chinese authorities, explores with bankers the possibility of listing its shares in Hong Kong, according to two people familiar with the matter. A Hong Kong listing could allow Full Truck shareholders to swap their U.S. shares with Hong Kong shares to hedge against geopolitical risks, said lawyers who have worked on Chinese initial public offerings.

Full Truck’s previously unreported discussions raise the prospect that Didi, which went public in the U.S. in late June only to immediately run afoul of Chinese authorities, could also pursue a Hong Kong listing to allow shareholders to swap their U.S. shares. Such a move would likely need the go-ahead from Beijing.