Accordingly, if a long-anticipated rebound is finally coming for battered U.S.-listed China stocks, TuSimple could be well-positioned to benefit by splitting its China and U.S. businesses into separate companies to eliminate a major regulatory risk. Others to follow? That said, we'll spend the rest of this space looking at the other three companies we mentioned earlier, including why similar spinoffs might make sense for each. The 500-pound gorilla in the group is ByteDance, whose market value reached as much as $425 billion last June based on gray market trades, according to media reports at the time. While such a figure is almost certainly inflated, we can still put it in perspective by noting that top-listed internet companies Alibaba BABA 9988.HK)) and Tencent (0700.HK) now have market values of about $290 billion and $470 billion, respectively. ByteDance's two most valuable assets are TikTok and its older Chinese equivalent Douyin.