China Inc. Is Unloved Abroad, Unwanted at Home
U.S.-listed mainland companies are facing an increasingly unfriendly climate in New York. Shanghai isn’t looking any better.
The last drop wasn’t so good.
Photographer: Qilai Shen/BloombergJust like the tens of millions of migrant workers stranded by China’s coronavirus lockdowns, hundreds of mainland companies listed in the U.S. are stuck, unable to go home and without a future in their adopted land. They make perfect prey for short sellers.
The climate in the U.S. is getting uncomfortable for China Inc. President Donald Trump has renewed his trade-war rhetoric while pointing fingers at Beijing for the Covid-19 outbreak. On Monday, his administration asked a government pension fund to block investment in Chinese stocks. Meanwhile, the spectacular admission that Luckin Coffee Inc., the upstart rival to Starbucks Corp., faked its sales figures has ripped open age-old doubts about accounting standards.