US Senate passes a bill to delist Chinese companies from American stock exchanges
US Senate has passed a bill to delist Chinese companies from American stock exchanges. The senate on Wednesday unanimously approved the bill brought by Republican Senator John Kennedy and Democrat Senator, Chris Van Hollen.
The legislation requires companies to certify that they are not owned or controlled by a foreign government.
They would be required to submit to an audit that can be reviewed by the Public Company Accounting Oversight Board, which has been objected to by China. The move may result in Chinese companies like Alibaba Group Holdings Ltd. and Baidu Inc. being barred from listing on US stock exchanges.