This article only represents the author's own views.

Nov. 26, 2019 will go down as a landmark day for the Hong Kong Stock Exchange, drawing droves of reporters from the world’s leading financial news outlets to watch history unfold.A who’s-who of top officials, including the city’s former Chief Executive Tung Chee-hwa, Financial Secretary Paul Chan, and stock exchange chairwoman Shih May-lung, gathered in front of the iconic opening bell, alongside guest of honor Daniel Zhang, chairman of e-commerce giant Alibaba Group Holding Ltd. (9988.HK; BABA.U.S.). With a strike of the bell, Alibaba went public on the city’s bourse, opening the gates for a steady stream of U.S.-listed Chinese followers to make similar second listings.

The watershed moment marked a reversal of tide for Chinese companies, which began listing in the U.S. in the late 1990s, helping to boost their home country’s position in international capital markets. But those same companies’ shares have suffered big losses in recent years as U.S.-China tensions heated up. At their current levels many look highly undervalued.But the big difference in time zones – New York is typically 12 to 13 hours behind China – limit late-night trading of those stocks by large China-based investors. Strict capital controls by China also make it difficult for Chinese funds to invest in these companies. That’s left many such companies with no other choice but to consider coming back to China in pursuit of better valuations.