Beware unintended consequences. US-listed Chinese companies, including giants Alibaba and Temu owner PDD, have been hit by fears they may be forced to delist from New York. Such a move would be painful for US investors and play into Beijing’s hands.
Earlier this month, Treasury secretary Scott Bessent, when asked directly, refused to rule out the forced delisting of Chinese companies amid the US-China trade war. President Donald Trump has form here, having in 2020 kicked several state-backed Chinese companies off the New York Stock Exchange through a chaotic series of orders, countermands and clarifications.
Hong Kong, the most likely home for New York refugees, is rolling out the red carpet in anticipation. Shares in its local exchange enjoyed their best day in months after officials said several groups had already made contact.