Heard on the Street: Would-be buyers of innovative Chinese technology companies have been too complacent about the risk of getting trapped between Beijing and Washington
Shares in Hangzhou Hikvision Digital Technology dropped 5.5% Wednesday on reports that the company could be blacklisted by the U.S. Photo: thomas peter/Reuters By Mike Bird Updated May 22, 2019 6:23 a.m. ET Huawei may be privately owned, but global investors still risk getting caught up in the unfolding Sino-American spy thriller through other Chinese companies.
The Trump administration is considering placing limits on the company’s ability to buy U.S. technology, according to a New York Times report. Telecommunications company Huawei, which is unlisted, was the subject of a blacklisting order last week. More than 30% of Hikvision’s revenue comes from abroad according to FactSet data, including around 8% from the U.S. A spokesman for Hikvision said it takes the U.S.
But it is also the Shenzhen-listed stock with the 11th-highest percent ownership through the Stock Connect system, which allows global investors to access mainland Chinese markets through the Hong Kong bourse. Investors have turned a blind eye to the stock’s controversies in their pursuit of well-run Chinese companies working at the technological frontier.
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