The transition to active action against the Chinese economy has emerged not only in the area of ββnew US export control rules. The legislative initiative implies the exclusion from the quotation lists of American stock exchanges of those Chinese companies that have not brought the accounting reporting system in line with American standards.
Moreover, as noted , an alliance of two US senators from different parties is pushing legislation that would force US exchanges to divest shares of companies controlled by foreign governments. Even such a general formulation in the context of the confrontation between the United States and China makes it clear that the primary target of this initiative is the shares of large Chinese companies such as Alibaba and Baidu.
For Chinese tech giants, the ability to rotate on American stock exchanges opens up access to additional sources of capital, and American lawmakers are trying to cut off the corresponding financial flows. One of the initiative's sponsors, Senator John Kennedy, said: "We cannot allow threats to America's pension funds to take root on our stock exchanges."
Another author of the initiative, Senator Chris Van Hollen, added in an interview with Yahoo Finance: βWe just want Chinese companies to play by the same rules as everyone else. This is an important step towards transparency." Last week, US authorities ordered the Federal Pension Fund to stop investing in assets of Chinese companies. The initiative to delist Chinese companies must pass the US Congress and be approved by the country's president before it becomes law.
Source: 3dnews.ru