The tailwinds lifting the Hong Kong bourse’s prospects are blowing from east and west: China is applying heavy scrutiny on overseas listings as well as its homegrown exchanges, sending companies to consider going public in the Asian financial hub.

Logistics and delivery firm Lalamove is the latest weighing moving its US initial public offering plan to Hong Kong, following Beijing’s pledge to tighten cybersecurity oversight that could block startups from holding first-time share sales outside the country. China’s stricter screening for its Nasdaq-style STAR board has also prompted companies such as Neusoft Medical Systems to switch to Hong Kong.

“The bulk of offshore listings are still happening in Hong Kong, so there might be a trigger for more listings,” said David Chin, head of investment banking for Asia Pacific at UBS Group AG.

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