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US Alibaba delisting, others will make US market less attractive: GT

  • By Al Mayadeen English
  • Source: Global Times
  • 30 Jul 2022 23:40
2 Min Read

Washington's decision is bound to backfire according to Chinese media.

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  • Alibaba will spend 20 billion yuan ($12.5 billion) to ease inequality in China.
    Alibaba and 3 other companies are set to be removed from the US market. 

The US securities regulator's latest move to put Alibaba Group and 3 other Chinese companies on the list of companies that could face delisting is a politically oriented threat that will cause a chilling effect on firms from other countries and regions and will further damage the international status of the US capital market, a Chinese expert said on Saturday.

On Friday, the US Securities and Exchange Commission added Alibaba, the largest US-listed Chinese company, and 3 other Chinese companies to a list of companies that are threatened to be removed, according to the Wall Street Journal.

A total of 159 out of 260 Chinese companies listed in the US market have been listed by the US SEC, according to ce.cn, a Chinese news outlet. 

This growing list in the US will cause chilling effects on companies from other countries, according to Mei Xinyu, a research fellow at the Chinese Academy of International Trade and Economic Cooperation. 

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"This will further damage the US capital market's international status," Mei said, stressing that if Washington uses political means to force companies to withdraw from the US market, the global capital will be forced to leave the US. 

On Friday, Alibaba's stock price fell 11%. The company has not yet responded to the US' latest action when it was approached by the Global Times.

The decision will have a short-term impact on Alibaba's stock price - but, the growth of these companies, and China's rising status in the economic landscape will determine the long-term stock price of the companies, according to Mei.

Alibaba announced on Tuesday that it will upgrade its secondary listing in the Hong Kong Strock Exchange (HKSE) to a primary one using a new exchange procedure that will enable dual primary listings.

Chinese companies leaving the US market will only make the US market less attractive to international capital, hurting it, according to experts. 

The China Securities Regulatory Commission said at the 2022 mid-year system supervision work conference said that China will continue to actively support the overseas listing of eligible companies.

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