Chinese Firms’ Presence on U.S. Exchanges Shrinks After Wave of Delistings

The decades-long partnership that paired Wall Street capital with Chinese corporate growth is quickly dissolving as U.S. policymakers intensify efforts to curb American investment in China and Beijing tightens its own oversight. The resulting exodus is thinning the ranks of Chinese companies on U.S. stock exchanges. More than 80 China-based firms have delisted from the New York Stock Exchange and Nasdaq since 2019, leaving roughly 275 Chinese listings that now represent less than 2% of the two markets’ combined capitalization, according to figures cited by the Wall Street Journal. Although a handful of smaller, highly speculative Chinese initial public offerings still reach U.S. markets, the pipeline of multi-billion-dollar "red-chip" offerings typified by Alibaba, Baidu, PDD and JD.com has dried up, underscoring the accelerating financial decoupling between the world’s two largest economies.