In this news, we discuss the Trump expected to sign bill that could delist Chinese companies, White House says.
WASHINGTON (Reuters) – US President Donald Trump is expected to sign a bill that could prevent some Chinese companies from listing their shares on US stock exchanges unless they meet US auditing standards, the White House said on Wednesday .
The bill, which passed in the Senate earlier this year and was approved by the House of Representatives on Wednesday, could hit companies such as Alibaba, tech company Pinduoduo Inc and oil giant PetroChina Co Ltd.
If enacted, the measure would give Chinese companies listed on US stock exchanges three years to comply with US audit rules before being withdrawn from US markets.
Reporting by Alexandra Alper and Patricia Zengerle; Editing by Leslie Adler
Original © Thomson Reuters