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China tech companies still favor New York over local bourses

Looser listing rules in Hong Kong and mainland have limited impact

Top executives of Chinese news aggregation service Qutoutiao celebrate on Sept. 14 as the company’s stock makes a quick splash on the Nasdaq.   © Reuters

NEW YORK -- Like many Chinese initial public offerings before it, news aggregation service Qutoutiao had a strong debut when it hit the market last month. Rather than list in Shanghai or Hong Kong, however, it opted for the Nasdaq -- even though most U.S. investors would have a hard time pronouncing its name and few have ever encountered its app.

For many Chinese tech companies, the New York markets -- home to Alibaba Group Holding, China's most valuable listed company -- remain the preferred listing venues despite efforts by authorities in China to promote domestic exchanges.

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