Earlier quoted context omitted.
I'd say it went 50-50 Mainland-Singapore. By 2019, if you were a Chinese company that only intends to operate within China, you had no reason not to move legal and leadership operations to Shanghai. On the other han, I'd you were a foreign investor, HK de facto become "yet another Chinese territory" which meant it's not a good hedge for an ExChina/China+One strategy which is executed in ASEAN or India, which made Sin…
> If you were a Chinese company that only intended to operate within China, you had no reason not to move legal and leadership operations to Shanghai. Where's the example where you're a Chinese company with most revenue in China (for now) but do sell elsewhere and anyhow, there are lots of reasons to not 100% stick to China, e.g. gaming companies have moved to Singapore in masses (at least some capacity) due to time…
For example, the whole ByteDance/TikTok imbroligo is due to Susquehanna trying to exit it's Chinese investments which are locked within China.
During the 2019-23 period, boards in startups that had Western investors increasingly demanded that either Chinese investors buy them out or that they shift domicile so an alternative path to exit could be found.