Summary:
The bill would give Chinese companies such as Alibaba, tech firm Pinduoduo Inc.
and oil giant PetroChina Co Ltd.
three years to comply with U.S.
rules before being removed from U.S.
markets. Greater scrutiny could also deter other Chinese firms from listing in the United States, say industry participants. Chinese foreign ministry spokeswoman Hua Chunying described it as a discriminatory policy that politically oppresses Chinese firms. “Instead of setting up layers of barriers, we hope the U.S.
can provide a fair and non-discriminatory environment for foreign firms to invest and operate in the U.S.,” Hua told a news conference. Several U.S.-listed Chinese firms, including Alibaba and KFC China operator Yum China, have recently carried out secondary listings in Hong Kong..