Note(s): This table reports mean differences in ln(Trading Value) and Liquidity around the offshore listing event. Panel A uses the (−20, +20) trading-day event window, and Panel B uses the (−30, +30) trading-day event window. The pre-event period includes trading days before the event date, while the post-event period includes trading days after the event date. Diff is calculated as the pre-event mean minus the post-event mean. ln(Trading Value) is measured as the natural logarithm of daily trading value. Liquidity is measured using an Amihud-based liquidity measure. Higher values of Liquidity indicate greater market liquidity. t-statistics are reported for tests of mean differences. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively