The threat to kick China out of U.S. exchanges is growing, and Hong Kong stands to benefit

Those exposed to Chinese ADRs—whether it’s a CEO of a U.S.-listed Chinese company, or an equity strategist dealing with the China market—are now all considering one question: Is the U.S. really going to kick Chinese companies off its stock exchanges?

Some of China’s largest companies trade in the U.S., including JD.com (No. 47 on the Fortune Global 500), Alibaba (No. 70) and PDD Holdings (No. 442). But these giants and many much smaller companies could have their existence as U.S.-traded...