Xpeng, an electric car manufacturer born in China but with an increasingly large footprint in the United States, has recently held two IPOs, one on NYSE last August, one on the Hong Kong Exchange just days ago. When a company holds a second IPO, it is typically for a "secondary listing." Their first pop still establishes their primary listing. But Xpeng arranged these as twin primary listings. "Aren't there are costs involved in doing things this way? Why did XPeng incur those costs?" Most of the talk is that the company is concerned about getting hurt by the chilly relationship between the two superpowers. It wants to hedge against the possibility of Chinese-based firms being kicked off of American exchanges. But there is another side to the mutual hostility. China may well move toward “decoupling” its own technology industry from that of the United States, and the Hong Kong listing for Xpeng may have hedged some regulatory risks only by incurring others....