U.S.-Listed Chinese Stocks Heating Up Again: Index Outperforms, Number of U.S. Listings Up Nearly 80%

In terms of index performance, the Nasdaq Golden Dragon China Index has registered a year-to-date increase of 16.76%, at one point surpassing the gains of all three major U.S. indices, reflecting notable market momentum. On the corporate side, a growing number of Chinese companies are pursuing listings in the United States, with consumer-focused businesses dominating industry representation.

The upward trend in U.S.-listed Chinese equities, outpacing the major U.S. benchmarks, has drawn increased market interest. Many index constituents have posted strong gains, accompanied by steady foreign institutional inflows.

Data from Wind shows that the Nasdaq Golden Dragon China Index has advanced 16.76% year-to-date, outperforming the Dow Jones Industrial Average (5.80%), the S&P 500 (8.11%), and the Nasdaq Composite Index (8.85%). This relative performance highlights gradually improving sentiment toward Chinese stocks listed in the U.S., as capital markets show renewed interest.

More than half of the index’s components have posted recent gains. Ebang International Holdings led with an increase of 11.71%, followed by Waterdrop Inc. at 8.98%. Additional support came from Pony.ai, 21Vianet Group, Luokung Technology, Zhengye Biotechnology, and LexinFintech, each rising more than 5%.

Alongside price appreciation, trading volume in key stocks has also picked up. NIO Inc. ranked as the most actively traded Chinese equity in the U.S. market. By turnover rate, Pony.ai (6.42%), LexinFintech (6.12%), and iQIYI Inc. (5.75%) were the top performers.

Foreign institutional activity has provided further momentum. On Tuesday, Citigroup upgraded its rating for UP Fintech Holding Ltd. from “Neutral” to “Buy,” lifting its price target from USD 9.50 to USD 14.00—representing a potential upside of 27.50%.

According to Wind, 21 stocks in the index are currently held by overseas institutional investors. Among these, NIO Inc., Pony.ai, iQIYI Inc., and UP Fintech Holding Ltd. have seen both an increase in shareholding and a higher proportion of institutional ownership.

As of now, 406 Chinese companies are listed on U.S. exchanges, with 331 trading on Nasdaq—accounting for 81.53% of the total. The New York Stock Exchange and AMEX follow, hosting 62 companies (15.27%) and 13 companies (3.2%), respectively, highlighting Nasdaq’s role as the leading venue.

Wind data indicates that 50 Chinese companies have completed IPOs in the U.S. this year, marking a 78.57% increase compared to the same period in 2024. However, total fundraising has dropped 57.91% year-on-year to USD 952 million. The fundraising pattern remains polarized: 70% of companies raised under USD 1 million, while just 4% raised over USD 100 million.

Despite reduced proceeds, the sharp rise in listings reveals two notable patterns. From a regional perspective, Hong Kong-based firms led the count with 27 listings. Zhejiang contributed five, followed by Jiangsu, Guangdong, Beijing, Shanghai, Fujian, Taiwan, and Sichuan—showing geographic diversification.

In terms of sectors, the industrial and consumer industries were most active, contributing 14 and 12 listings, respectively. Noteworthy participation also came from the IT, financial, and healthcare sectors.

Against the backdrop of ongoing U.S.-China trade tensions, consumer-focused firms stood out among new listings. Analysts believe these companies are driving the latest listing wave, aiming to alleviate domestic competition pressure by expanding globally. Leveraging U.S. capital markets not only speeds up market penetration but also enhances brand visibility internationally.

For Chinese enterprises seeking global integration, U.S. listings offer cross-border financing opportunities and support strategic mergers and industrial chain synergies—key pillars for international development.

Although U.S. listings for Chinese firms have increased significantly, concerns over delisting risks persist under evolving geopolitical conditions. A report from CITIC Securities warns that some Chinese firms may face delisting pressure as early as the first half of 2026. In response, Hong Kong is being positioned as a backup listing destination.

Hong Kong authorities have begun preparing for the return of these firms. Financial Secretary Paul Chan stated that the Securities and Futures Commission and HKEX have been instructed to ensure full readiness—enabling Hong Kong to serve as the primary alternative market for overseas-listed Chinese companies.

Due to its location and regulatory framework, HKEX has become the most prominent offshore listing venue for Chinese companies after U.S. exchanges. Its advantage is supported by years of institutional reforms tailored to facilitate mainland firms’ listings.

Wind data reveals that 33 out of 406 U.S.-listed Chinese companies have completed secondary listings in Hong Kong, representing 8.13% of the total. In 2025, only Ascentage Pharma carried out a dual listing in both markets.

HKEX provides a strategic safeguard against delisting risk. Regulatory tensions over audit oversight since 2020 have prompted companies to seek diversified listing arrangements. Secondary or primary listings in Hong Kong offer an alternative trading platform in the event of forced delisting in the U.S.

Wind figures show that 68% of the top 25 U.S.-listed Chinese stocks by market capitalization are also listed in Hong Kong, minimizing the impact of any delisting scenario on overall trading activity.

HKEX also offers listing flexibility. Chinese firms listed in the U.S. can submit their existing U.S. financial reports for Hong Kong listing review, eliminating redundant audits and accelerating the timeline.

For instance, Alibaba executed its secondary listing in Hong Kong within three months in 2019, raising over HKD 100 billion and setting a global precedent. This efficiency has reinforced Hong Kong’s status as the preferred cross-market expansion platform for Chinese companies.