U.S.-traded Chinese companies that have announced privatization plans are whipsawing investors amid uncertainty about whether the companies will be allowed to relist in the mainland. The stocks tumbled last week on speculation that such public offerings would undergo greater scrutiny in China. They rebounded Tuesday before resuming declines on Wednesday following a Caixin report that the regulator may ban listed firms from selling shares to invest in industries including video games and movies, a move that may hurt the shell companies used for reverse mergers.

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