I guess TRW must have a certain number of shareholders before beeing accepted for listing in Hong Kong. They are working on the process to get the HK listing already for some time!
TRW only has operations going back to 2016 so that would probably be an issue (maybe they could try to use AF1-3s performance prior to the carve-out though), and AF4 is struggling (i.e less money for the shares being sold), so the timing is bad even if they manage to list somewhere (we need AF4 and/or the trade-division to be up and running). You also have the anti-bias vs China which limits our options if we want a decent valuation.
Nah, I'm fine with holding on to the TRW-shares till 2020/2021, but I want them NOW. I want to be the one holding them, not Solomon