The phrase “more red flags than a May Day parade” now refers to political perils as well as accounting risks. The US is attacking businesses linked to the Chinese state, such as Huawei. Online giants like ecommerce group Alibaba could be next. Flying the colours of both nations, via a Chinese base and a US listing, would become fraught.

Alibaba’s logical response is to consider a secondary listing in Hong Kong. Here, founder Jack Ma’s membership of the communist party is seen mainly as a better way to network than joining a smart golf club. These can be repressive too, remember. Ask anyone who has tried to tee off in jeans and a T-shirt.

Much has changed since the ebullient Mr Ma led the largest fundraising ever on the New York Stock Exchange in 2014. China keeps business on a tight rein. The US has opted for reductive antagonism in trade relations. Just as important, the Hong Kong Exchange permits share classes with extra voting rights. Alibaba floated on the NYSE when these were barred in Hong Kong.