Those Chinese companies have been allowed exceptions, that enabled them to get away with massive systemic fraud in the US stock markets. They are able to sell their shares for much more than they are really worth, and get real hard Western currency for them.
President Trump got new rules in place, to make communist Chinese firms adhere to same financial disclosure and auditing rules as other firms. Those firms often have undisclosed mountains of bad debt, and fraudulently inflated assets and earnings.
Now in addition to push from America to remove their companies from US stock exchanges, there seems to be a strong pull from the ChiComs, to drag their businesses back under tighter (total) ChiCom control.
Good riddance to bad rubbish.
I don’t follow the financial markets very closely, so this comes as a surprise to me.
It was always technically illegal for Chinese companies to list in the USA, thus giving “ownership” to foreigners
The work-around, listing Caymen or Virgin Island shell companies with a “claim” on Chinese company earnings was always a scam - ignored by the Chinese Government and perpetrated by Wall Street Banks and the owners of the Chinese companies.
Xi seeks to limit the influence of the billionaires who control these firms...
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Because nobody can be wealthier, more powerful, more influential, be a better role model than the CCP and Chairman Xi
“ Good riddance to bad rubbish. ”
Worth repeating.