Chinese companies rush to Singapore, Hong Kong bourses amid US delisting threat
After the US Securities and Exchange Commission (SEC) added more than 80 Chinese firms to its list facing possible delisting from the American exchanges, Chinese electric vehicle (EV) start-up Nio said on Friday it has received a conditional eligibility-to-list letter from the Singapore bourse.
According to the Global Times, Nio is another US-listed Chinese company that has moved to another country amid delisting threats from the US.
Nio said the company's shares listed in Singapore will be fully fungible with its American depositary shares.
In a latest crack-down on Chinese companies, the US SEC this week added over 80 firms to its list that is likely to delist them from American exchanges, including China's, China Petroleum & Chemical Corp, JinkoSolar, Pinduoduo, Bilibili, electric maker NIO Inc and NetEase.
So far, over 128 Chinese firms have been targeted, including 105 on the provisional list and 23 on the conclusive list.
There are about 200 New York-traded firms with parent companies based in the Chinese mainland or Hong Kong.
The New York-listed Chinese property platform KE Holdings said it would also list its shares in Hong Kong without raising new capital.
According to media reports, the US SEC placed the Chinese entities among others on the list that face delisting under a 2020 law titled the Holding Foreign Companies Accountable Act. said that it "will continue to comply with applicable laws and regulations in both China and the United States, and strive to maintain its listing status on both Nasdaq and the Hong Kong Stock Exchange".
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