July 30 (Bloomberg) -- Fidelity International Ltd. fund manager Anthony Bolton urged the U.S. to close a loophole that allows Chinese companies to list on its exchanges through reverse takeovers, the Financial Times reported.
Chinese companies use the practice by merging with a U.S. shell company to avoid the scrutiny of an initial public offering, the newspaper cited Bolton as saying. He made his comments yesterday at the first general meeting of the Fidelity China Special Situations fund, the Financial Times said.
U.S.-listed Chinese companies were among the lowest performers in Bolton’s portfolio at Fidelity, the FT said.
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