China-US clash over stock market rules casts doubt over $1tn of listings

HONG KONG — Escalating tensions between the world’s two largest economies have taken on a new edge with a proposed audit rule for U.S.-listed Chinese companies, which threatens to restrict their access to American capital markets.

U.S. senators last month approved a bill that could push companies off American stock markets if they fail to comply with the country’s regulatory audits for three consecutive years. Chinese officials have said that the bill would harm the interests of both Washington and Beijing and that political forces in the U.S. are pushing the two powers into a new Cold War.

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China Inc. rethinks US listings as scrutiny tightens

SHANGHAI — Chinese enterprises have started reworking their fundraising strategies after encountering a less-welcoming environment for public offerings in the U.S.

The Luckin Coffee accounting scandal has reignited calls to step up scrutiny on initial public offerings in the U.S. by Chinese companies.

The U.S. Senate passed a bill on Wednesday that would require foreign companies listing in New York to be subject to oversight by U.S. auditing authorities, which Chinese law forbids. The law would also require listing candidates to show they are not controlled by a foreign government, also a key issue with Chinese companies.

Earlier this week,

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China’s state-owned giants say farewell to Hong Kong listings

HONG KONG/BEIJING — Once viewed as a haven with access to foreign capital and marketplace discipline, Hong Kong’s stock exchange is seeing a growing number of China’s hulking state-owned companies delist units there so they can focus on taking leading roles on the mainland.

The trend is only expected to grow this year, with some observers pointing to efforts by the Chinese government to strengthen its industrial base — a plan envisioned by President Xi Jinping — in its rivalry with the U.S.

China’s state-owned companies once flocked to the Hong Kong exchange to gain access to foreign capital and

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