Hong Kong shares of dual-listed Chinese companies including Alibaba, JD.com and Nio plummeted after fears of US-delisting reemerged, according to a report by CNBC on Friday.
- Shares of tech giant Alibaba dropped 6.56%. EV Maker Nio launched in Hong Kong a day earlier plummeted 11.64%. Baidu fell 5.14% while NetEase plunged 6.94% on Friday afternoon.
- The share losses relate to declines for some US-listed Chinese stocks overnight after renewed worries over possible delisting in the United States.
- The US Securities and Exchange Commission identified five US-listed American depositary receipts of Chinese companies, stating that they failed to comply with the Holding Foreign Companies Accountable Act.
The China ADRs identified by the SEC is the first to be determined as falling short of HFCAA provisions. The law allows the SEC to ban companies from trading and even delist them from US exchanges. Alibaba down -5.52%, Nio is down 2.81%, JD.com down 11.04%