U.S.-listed Chinese firms fall on report of Senate passing bill on oversight

Luckin Coffee

20/05/2020 18:47

** U.S.-listed shares of Chinese companies fall on report
that U.S. Senate passes bill on oversight of Chinese companies
    ** Shares of Baidu Inc  BIDU.O , IQIYI Inc  IQ.O , Alibaba
Group  BABA.N  and JD.com Inc  JD.O  drop between 1.34% and
9.23% 
    ** The U.S. Senate passed legislation that could ban many
Chinese companies from listing shares on U.S. exchanges or
raising money from American investors without adhering to
Washington's regulatory and audit standards, CNBC reported (https://cnb.cx/3cQhadN)
    ** Though the law could be applied to any foreign company
that seeks access to U.S. capital, the move to strengthen
disclosure requirements is aimed principally at Beijing,
according to the report 
    ** Nasdaq is set to unveil new restrictions on initial
public offerings, a move that will make it harder for some
Chinese companies to debut on its stock exchange, Reuters
reported earlier this week  urn:newsml:reuters.com:*:nL1N2D100Y
    ** Other Chinese firms Bilibili  BILI.O , Pinduoduo  PDD.O ,
 Weibo  WB.O , Momo Inc  MOMO.O , Vipshop Holdings Ltd  VIPS.N ,
NetEase Inc  NTES.O  also lose between 1.9% and 4.4%

 (Reporting by Abhishek Manikandan in Bengaluru)