With China and the United States mired in a tit-for-tat trade war, investors are likely to avoid companies whose operations are the most exposed to the world’s biggest economy. Among Hong Kong-listed firms, topping the list is Global Brands Group Holding, whose exports to the US account for 78 per cent of the apparel maker’s sales. That is the biggest share among all the companies that trade on the main board in Hong Kong, Bloomberg data shows. And so it comes as no surprise that the stock has dropped 33 per cent so far this year. Electronics manufacturer China Goldjoy Group and trading firm Li & Fund also rely on US shipments for at least two-thirds of their revenues. In a research note on Monday, Hong Hao, a managing director at Bocom International Holdings, warns that while the broader market has yet to drop to a level that warrants a technical rebound, investors should be cautious about hunting for bargains before the dust settles.