Dual listings by tech giants present a windfall opportunity for certain stock exchanges and international hedge funds. Chinese technology companies traded in the U.S. could have secondary listings on the Hong Kong stock exchange as early as the second half of this year, according to trading experts. Dual listings by the Alibaba Group, Baidu, and others present a windfall opportunity for the Hong Kong Exchange and Clearing Co. (HKEX) as well as hedge funds, which could arbitrage valuation differences between the U.S. and Hong Kong markets.