Core Viewpoint - The trend of Chinese companies considering a shift from U.S. IPOs to Hong Kong IPOs has become an unspoken Plan B, driven by various market conditions and regulatory challenges [2][4][12]. Group 1: Companies Considering Hong Kong IPOs - Companies like Cha Yan Yue Se and Shein are reportedly planning to transition to Hong Kong for their IPOs, reflecting a broader trend among Chinese firms [2][11]. - Cha Yan Yue Se has been rumored to be planning a Hong Kong IPO multiple times, with the latest reports indicating potential collaboration with investment banks like CICC and Morgan Stanley [6][7][12]. - Shein's IPO journey has been particularly tumultuous, having attempted listings in the U.S. and London before considering Hong Kong, with a current estimated valuation of around $50 billion [11][12]. Group 2: Other Companies in the Pipeline - Other companies such as Ba Wang Cha Ji, Mi Xue Bing Cheng, and ByteDance are also reported to be shifting their focus to Hong Kong for potential IPOs [13][15]. - Ba Wang Cha Ji initially planned to raise $300 million in the U.S. but has now signed agreements with banks for a Hong Kong listing [13]. - Mi Xue Bing Cheng and Hu Shang A Yi have submitted applications to the Hong Kong Stock Exchange, although they faced setbacks with their prospectuses [13][14]. Group 3: Market Context and Implications - The shift to Hong Kong is seen as a response to the challenges faced by Chinese companies in the U.S. market, including regulatory scrutiny and market conditions [2][12]. - The increasing number of companies considering Hong Kong listings suggests a significant change in the landscape for Chinese IPOs, with many firms now viewing it as a more viable option [2][12].