By Matthew Makowski The House just voted on a restrictive bill that could result in delisting Chinese stocks.
The Holding Foreign Companies Accountable Act (S. 945) mandates that any Chinese firms traded on a major U.S. exchange will need to open up their books and prove they’re not under the control of the Chinese government.
This legislation passed in the Senate in May. It was just a month after the Luckin Coffee scandal in which the Chinese rival to Starbucks was caught fabricating as much as $310 million in sales. The scandal resulted in Luckin getting booted off the Nasdaq. And share price of the …read more
