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Sinopec, US-listed China Stocks Wobble Amid NYSE Exit Woes

  • China Life Insurance, PetroChina slide on delisting plans
  • Nasdaq Golden Dragon Index fell 2.8% before reversing
Alibaba Group Holding Ltd. signage at the NYSE in New York.
Alibaba Group Holding Ltd. signage at the NYSE in New York.Photographer: Michael Nagle/Bloomberg
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US-listed China stocks were volatile on Friday after some of the Asian nation’s largest state-owned companies announced plans to delist from American exchanges amid a spat over audits and generally worsening tensions between the world’s top two economies.

China Life Insurance Co., PetroChina Co. and China Petroleum & Chemical Corp. were among the decliners on the Nasdaq Golden Dragon China Index after they all disclosed their intentions to delist. The three firms all fell 1.5% or more on Friday. The sudden announcements also sparked a slump in Alibaba Group Holding Ltd. and Pinduoduo Inc. which both ended the day lower. The Golden Dragon Index slumped as much as 2.8% during the trading session before a late in the day reversal drove the gauge 0.2% higher.