U.S House Passes China Delisting Bill

It will be signed by President Trump

The U.S House of Representatives on Wednesday unanimously passed a bill that threatens to delist Chinese companies such as Alibaba Group Holding and JD.com from U.S. exchanges unless U.S. regulators are able to inspect their financial audits within three years. Of the China-related measures introduced in recent months, the bill could have the broadest impact on investors’ portfolios—though the logistics to implement the measures likely means the fallout won’t be sudden or as drastic as it may sound.

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With the House vote, the Holding Foreign Companies Accountable Act bill goes to President Donald Trump, who is expected to sign the measure. The Senate already passed the bill over the summer. The Securities and Exchange Commission has also been working on a related proposal that The Wall Street Journal reported would put the responsibility on exchanges to require audit inspection compliance.

source barrons.com