according to investopedia the 2 exchanges in the US have a market cap of $47 trillion vs $12.7 trillion for the three in China as of May 2020. anyone seeking ample funding will want to list in the US. in fact, the money from US investors was needed to get many companies and entire sectors of the economy off the ground with all the issues of disclosure - see luckin'. plus there has been ample private equity and venture capital propping up PRC firms who potentially play(ed) an even more important role. yes, there may be more capital available domestically now, but the question is the timing right to decouple? to what extent will HK be able to replace US listings in terms of attracting institutional investors. time will tell if the door is being shut too soon...on the flip side, rules are rules, maybe they won't be strictly enforced when a time if need arises?

the need for institutional investors in the domestic economy is another topic. as long as huarong, anbang et al make headlines there will be ample suspicion in about the risk-benefit in giving them a greater role.