In September 2014, Alibaba—China’s e-commerce technology behemoth—debuted on the New York Stock Exchange at a market valuation of $25 billion, becoming the U.S.’s largest-ever initial public offering. Less than a decade later, Alibaba’s calculus has changed. On Monday, the company announced that it will pursue a primary listing on the Hong Kong Stock Exchange (HKEX), as the 2024 deadline for U.S.-listed Chinese firms to comply with U.S. audit rules inches closer. Washington and Beijing are negotiating rules that would allow American officials to inspect the books and auditors of Chinese companies that are publicly listed in the U.S., but the...