WASHINGTON: President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday , in what would be a radical escalation of US-China trade tensions.
Shares of New York Stock Exchange-owner Intercontinental Exchange Inc ended down 1.88 per cent and shares of Nasdaq declined 1.70 per cent.In June, U.S. lawmakers from both parties introduced a bill to force Chinese companies listed on American stock exchanges to submit to regulatory oversight, including providing access to audits, or face delisting.
One of the sources briefed on the matter said the idea of delisting was the latest salvo in this longstanding dispute."This is a very high priority for the administration. Chinese companies not complying with the PCAOB process poses risks to U.S. investors," the source said. NYSE declined to comment on Friday, while Nasdaq, MSCI, S&P and FTSE Russell did not immediately respond to requests for comment.
The source said there are longstanding concerns about U.S. capital enabling these activities, especially as the lines blur between state-owned and private companies in China.
Source: News Formal (newsformal.com)
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