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Trump Reportedly Mulling Push to Delist CN ADRs; DJIA Futures Slump 430Pts+
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Fox Business reporter Charles Gasparino posted on social media, citing sources, that the Trump administration is moving toward potentially delisting Chinese stocks from U.S. exchanges. The post highlighted several points: the incoming U.S. Securities and Exchange Commission Chairman Paul Atkins may address the delisting of Chinese stocks upon taking office; amid the U.S.-China trade war, the likelihood of delisting Chinese stocks is rising, with growing Republican congressional support for such a move; U.S. law allows delisting if Chinese companies do not permit inspection of their books or disclose ties to the Chinese government; and lawmakers are particularly concerned about so-called "golden shares", which grant the Chinese government control over listed companies. Overnight (10th), the three major U.S. stock indexes plummeted by 2.5-4.3%, with the DJIA cascading 1,014 points. Several Chinese ADRs saw steep declines, including Hesai (HSAI.US), Futu (FUTU.US) and Pinduoduo (PDD.US), which closed down 6.2-6.9%. Alibaba (BABA.US) dipped 0.6%. JD.com (JD.US) bucked the trend, rising 1.4%. U.S. stock futures drifted lower, with DJIA futures currently down 438 points or 1.1%, S&P 500 futures down 64 points or 1.2%, and Nasdaq futures down 276 points or 1.5%. AAStocks Financial News |
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