China’s latest crackdown on overseas-listed data-heavy Chinese companies has created a ripple effect. Law firms are in a flurry advising their tech clients on how the new regulations will impact their businesses and on the viability of an alternative listing venue for raising funds—with the Hong Kong exchange becoming the most likely replacement.

And while that shift from the U.S. to Hong Kong may end up hurting U.S. firms in Hong Kong, it could benefit U.K.-based firms, which have had to take a back seat to U.S. firms during the rush by Chinese companies to list in New York. The U.K. firms lacked the capital markets expertise for U.S. securities markets. But that is not the case in Hong Kong.

What China Did