Market sensitivity to U.S.-Chinese relations may have slipped from the headlines with attention on Russia, but it hasn’t gone away. A Washington watchdog’s naming on Thursday of the first companies on course for delisting from New York gave the Nasdaq Golden Dragon Index of U.S.-listed Chinese firms its worst day in at least a decade, tumbling 10%.
Laws introduced last year allow regulators to remove companies whose audits cannot be inspected. Unless Beijing freely allows inspections after years of caginess, defenestration begins in 2024. Roughly 270 listed outfits are at risk, analysts estimate.
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