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China's state-owned giants say farewell to Hong Kong listings

Beijing's push for strong national champions steers move away from the market

Once a destination desired for access to foreign capital and managerial know-how, Hong Kong is losing favor among China's state-own companies that are now more focused on home.   © Reuters

HONG KONG/BEIJING -- Once viewed as a haven with access to foreign capital and marketplace discipline, Hong Kong's stock exchange is seeing a growing number of China's hulking state-owned companies delist units there so they can focus on taking leading roles on the mainland.

The trend is only expected to grow this year, with some observers pointing to efforts by the Chinese government to strengthen its industrial base -- a plan envisioned by President Xi Jinping -- in its rivalry with the U.S.

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