This article only represents the author's own views.

The new information-sharing agreement between U.S. and China stock regulators was a welcome relief for the more than 200 Chinese companies listed in New York, pulling them back from a cliff that could still see them forcibly delisted. But many unknowns remain over whether the deal can be successfully implemented, which requires giving the U.S. near-complete access to the internal accounting records of U.S.-listed Chinese companies without obstacles.

That risk alone is likely to keep the gates open for an ongoing migration that has seen dozens of China’s biggest U.S.-listed stocks come to Hong Kong to make second IPOs as a hedge against the potential for future New York withdrawals. What’s more, such dual primary listings in the U.S. and Hong Kong may still become the preference over the longer term to protect against future tensions. Such listings also bring certain other advantages, such as near round-the-clock trading and making the stocks more accessible to mainland Chinese investors.