Mapping global financial networks: a spatial analysis of Chinese companies’ overseas listings

Drawing on the case of Chinese companies’ overseas listings on US stock exchanges, this study unpacks the geography and network structure of China’s integration into global financial networks (GFNs) by taking a city network approach based on inter-firm service and collaboration linkages. The results show that New York and Hong Kong are the dominant international financial centres facilitating this process. The Cayman Islands and British Virgin Islands are the key offshore jurisdictions in which the Chinese companies are incorporated. Beijing, Shanghai, and Shenzhen are more likely to be connected with GFNs than other cities in mainland China. The financial and business service firms involved in the overseas listings are mostly located in these cities. These strategic nodes have varied functions in GFNs. Several key city-dyads within the networks are identified, which further indicates the importance of those strategic nodes mentioned above. Despite the growing importance of Chinese firms and financial centres within GFNs, the continuing integration of China’s economy via overseas listings on US stock exchanges has strengthened rather than challenged the existing global financial order dominated by the west.