US Senate Approves Bill To De-List Chinese Companies From Stock Exchange

US Senate Approves Bill To De-List Chinese Companies From Stock Exchange

It appears that Donald Trump's request to cease Chinese equity investing has not completely fallen on deaf ears: on Wednesday, the Senate voted in favour of new legislation which would prevent certain Chinese companies from listing on the stock exchanges in the US.

Shares in some of the biggest US-listed Chinese firms, including Baidu and Alibaba, slid on Thursday in NY while the broader market gained.

The Holding Foreign Companies Accountable Act blocks securities of any company from being listed on any U.S. securities exchange if it fails to comply with the U.S. Public Company Accounting Oversight Board's (PCAOB) audits for three years in a row, Reuters reported.

Last week, the U.S. administration of President Donald Trump tightened sanctions on Chinese tech giant Huawei for national security reasons.

A bill that could force Chinese companies to give up their listings on American stock exchanges is now moving at "warp speed" in Congress, one analyst says.

The measure, sponsored by Republican Senator John Kennedy and Democratic Senator Chris Van Hollen, passed by unanimous consent.

"China is on a glidepath to dominance and is cheating at every turn".

"We can't let foreign threats to Americans" retirement funds take root in our exchanges".

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'For too long, Chinese companies have disregarded United States reporting standards, misleading our investors, ' he added.

The bipartisan pushback against China has been rising in the Congress ever since the two nations have been at loggerheads over trade and other issues.

Nasdaq recently pressured Luckin Coffee (LK), a Chinese coffee chain engulfed in widespread accounting fraud, to delist.

"The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time".

For Chinese ADR firms with small market caps, Pang added, the best idea would be a voluntary delisting from the US exchange before a primary listing in Hong Kong.

The Trump administration supported increasing accountability of Chinese companies.

American officials have long complained that Chinese domiciled firms - including those trading on US exchanges - are too secretive and do not abide by USA audits, regulations and accounting standards. The US-listed Chinese companies may become targets for short-selling. The subjects of these legislation include the mass internment of Uygurs, cyber-security and Taiwan and the South China sea among others.

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