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Tuesday, Sep 22, 2020

Trump considers delisting Chinese firms from U.S. markets

Trump considers delisting Chinese firms from U.S. markets

President Donald Trump's administration is considering delisting Chinese companies from U.S. stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of U.S.-China trade tensions.
The move would be part of a broader effort to limit U.S. investment in Chinese companies, two of the sources said. One said it was motivated by the Trump administration's growing security concerns about the companies' activities. Major U.S. stock indexes slipped on the news, which came days before China celebrates the 70th anniversary of the birth of the People's Republic on Oct. 1, when the world's No. 2 economy will shut down for a week of festivities. Shares of Hangzhou, Zhejiang-based Alibaba ended down 5.15%. JD.com fell 5.95% and Baidu Inc declined 3.67%. The iShares China Large-Cap ETF shed 1.15%. Shares of New York Stock Exchange-owner Intercontinental Exchange Inc ended down 1.88% and shares of Nasdaq Inc declined 1.70%. It was not immediately clear how any delisting would work.
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