Amid shifting regulatory dynamics, Chinese companies are moving away from single-market U.S. listings toward more flexible, multi-market capital structures, a shift that ARC Group managing partner Crystal Zhang describes as “structural reconfiguration, not just geographic relocation,” with Southeast Asia playing an increasingly strategic role.
Kuala Lumpur’s financial district is expected to be particularly active in May, as investment bankers, institutional investors, and corporate executives from across Southeast Asia and beyond gather to discuss a recurring theme in global capital markets: how companies are recalibrating cross-border financing and listing strategies amid shifting regulatory and market conditions.
Against this backdrop, ARC Group will host its annual Capital Markets and M&A Forum (Malaysia edition) in Kuala Lumpur. Now in its fourth year, the event has evolved into a regional platform for observing shifts in cross-border capital flows.
Crystal Zhang, Managing Partner at ARC Group, has been closely involved in advising Chinese companies on overseas listings and cross-border financing for over a decade. Her experience traces the evolution of Chinese companies’ global capital strategies, from the peak of U.S. listings in the mid-2010s to the structural adjustments seen today.
For many years, U.S. capital markets were a primary destination for Chinese companies seeking offshore financing. Crystal has led or participated in numerous listings and M&A transactions on NASDAQ and NYSE, including SPAC and de-SPAC deals. Deep liquidity and well-established market infrastructure made the U.S. a central gateway to global capital.
That pathway, however, is now evolving.
According to Crystal, changes in China’s cross-border listing filing framework, coupled with increasing regulatory scrutiny in international markets, have led companies to reassess both their listing structures and broader capital strategies.
In practice, a more complex pattern is emerging. Companies are relocating parts of their manufacturing and operations to Southeast Asia, establishing regional holding or operating entities, and using these structures to reorganize their corporate setup before accessing international capital markets.
“This is not just about shifting operations geographically,” Crystal said. “It’s about redesigning capital market structures.”
In her view, this shift reflects a structural reconfiguration rather than a simple geographic relocation. As regulatory complexity and market uncertainty rise, Chinese companies are moving away from single-destination listing strategies toward more flexible, multi-market capital structures.
This trend also aligns with broader regional dynamics. Southeast Asia continues to attract investment across manufacturing, consumption, and the digital economy, while its capital market infrastructure is gradually developing. However, limitations in market depth and liquidity mean the region is often used as part of a broader structural framework rather than a primary financing destination.
At the upcoming forum, senior executives including Hiren Krishnani, who leads ASEAN capital markets at Nasdaq, will discuss global capital market trends and cross-border financing strategies. These discussions reflect growing attention among market participants to multi-market structuring and regional positioning.
Industry practitioners generally view Southeast Asia not as a replacement for established capital markets, but as one component within increasingly complex cross-border structures. Designing corporate frameworks across jurisdictions while balancing regulatory, operational, and financing considerations has become increasingly complex.
Within this evolving environment, firms including ARC Group have been involved in advising clients on cross-jurisdictional holding structures, operational relocation, and sequenced market access, reflecting the growing demand for more integrated cross-border advisory capabilities.
For investment bankers engaged in cross-border transactions, this shift presents both challenges and opportunities.
“Companies are no longer focused solely on where to list,” Crystal noted. “They are increasingly thinking about how to structure themselves to operate across multiple markets.”
This transition from single-market listings to multi-market capital alignment is also reshaping the role of investment banks and advisory firms.
From Kuala Lumpur, this trend may be seen as one regional manifestation of a broader global shift. As capital flows continue to reconfigure, Chinese companies’ cross-border strategies are becoming more diversified and increasingly driven by structural considerations.
Join the Conversation
ARC Group will host the Capital Markets & M&A Forum in Kuala Lumpur on 7th May, bringing together global investors, advisors, and corporate leaders to discuss the future of cross-border capital markets.
Register here: Capital Markets and M&A Forum 2026: Kuala Lumpur Edition – ARC Group
This article is adapted from insights originally published in collaboration with Caixin Global.
About ARC Group
ARC Group is a global investment bank and management consultancy supporting companies through cross-border financial advisory, M&A, IPOs, SPAC transactions, financing, and consulting services. Headquartered in Hong Kong with offices in Mainland China, the United States, Southeast Asia, Europe, and the Middle East, ARC Group delivers integrated solutions across multiple jurisdictions.
For media inquiries, please contact:
June Xie
[email protected]
