Number of U.S.-listed Chinese companies 2022, by place of incorporation
The Cayman Islands were the most popular place of incorporation for Chinese enterprises listed on American stock exchanges. In 2022, a total of 192 companies with a combined market capitalization of over 700 billion yuan were registered in the Cayman Islands. The companies are shell companies that have a legal agreement with the associated company in Mainland China, which grants them a right to claim the core enterprise's profits.