Chinese stocks are getting crushed in Thursday's session. Here's what you need to know.
What Happened: Chinese stocks listed on American exchanges are trading lower, according to Benzinga Pro, due to delisting fears after a United States securities regulator lowered expectations of a deal to keep Chinese stocks listed on American exchanges.
The deal, under the Holding Foreign Companies Accountable Act, was to require Chinese companies listed on American exchanges to give audit information to American regulators. Beijing is concerned about information security, to that end it will not share audit data.
Why It's Important: If the compliance and auditing requirements dealt by the SEC to China aren't fulfilled, Congress notes about 250 Chinese companies will have to suspend trading, as early as 2024.
Several stocks sensitive to the news and moving lower in Thursday's session include:
- Nio Inc - ADR NIO
- Alibaba Group Holding Ltd - ADR BABA
- Baidu Inc BIDU
- DiDi Global Inc - ADR DIDI
- Xpeng Inc - ADR XPEV
- Kanzhun Ltd BZ
- Trip.com Group Ltd TCOM
- Pinduoduo Inc - ADR PDD
- JD.Com Inc JD
- NetEase Inc NTES
- PetroChina Company Limited ADR PTR
- Bilibili Inc - ADR BILI
- Li Auto Inc LI
- KE Holdings Inc - ADR BEKE
- Huazhu Group Ltd HTHT
- Lufax Holding Ltd - ADR LU
- IQIYI Inc - ADR IQ
- Full Truck Alliance Co Ltd - ADR YMM
- Futu Holdings Ltd FUTU
- TAL Education Group TAL
- JOYY Inc YY
- Dingdong (Cayman) Ltd DDL
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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