Wednesday, May 18, 2022
cnntoday
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts
No Result
View All Result
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts
No Result
View All Result
News 100
No Result
View All Result
Home World

US urges caution for investors amid China’s corporate crackdown

August 17, 2021
in World
Reading Time: 2 mins read
0 0
A A
0
US urges caution for investors amid China’s corporate crackdown
0
SHARES
31
VIEWS


The Nasdaq Golden Dragon China Index, which tracks 98 of China’s biggest firms listed in the US, plunged Tuesday after Chinese regulators issued a set of draft rules aimed at preventing unfair online competition.

Chinese stocks listed in the U.S. are facing another wave of selling pressure as authorities in Beijing ramp up their crackdown on some of the nation’s largest companies.

The Nasdaq Golden Dragon China Index — which tracks 98 of China’s biggest firms listed in the U.S. — plunged by as much as 4.5% Tuesday after China’s State Administration for Market Regulation issued a set of draft rules aimed at preventing unfair online competition.

The announcement came just hours after the state-backed People’s Daily newspaper issued a commentary saying China would increase scrutiny of the entertainment sector and what it called “idol culture.”

The moves are the latest in a series of announcements that have shaken the confidence of investors as Chinese regulators attempt to rein in the country’s tech titans.

“It definitely makes for a challenging investment environment going forward,” said Michael O’Rourke, chief market strategist at JonesTrading. “Investors really need to be cautious,” he added.

U.S. Securities and Exchange Commission Chair Gary Gensler issued his most direct warning yet on Monday about the risks of investing in Chinese companies. He asked SEC staff to take “a pause for now” in approving IPOs of shell companies that Chinese firms use to list shares in the U.S.

Tuesday’s slump is being led by tech-giants including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc., all of which are lower by at least 3%.

The selloff adds to what has been a brutal six months for Chinese stocks in the U.S. with the Nasdaq Golden Dragon China Index plunging more than 50% since hitting a record high in February. Along the way some of the world’s most prolific investors have started to jump ship.

Cathie Wood’s flagship Ark Innovation ETF has cut its exposure to shares of companies in the world’s second-biggest economy to zero after they reached 8% of its assets in February.

Meanwhile, Paul Marshall, co-founder of the $59 billion hedge fund Marshall Wace, said in a letter to clients last week that people could make the case that U.S.-listed China shares have become “uninvestable.”

Other major funds have joined the exodus, with SEC filings showing Soros Fund Management, D1 Capital Partners and Soroban Capital Partners each exiting some or all of their holdings of American depositary receipts of Chinese companies during the second quarter.





Source link

Tags: Asia-PacificchinaeconomyFinancial marketsnewsUnited StatesUS & Canada
ShareTweetShareSendSend

Related Posts

California is paying $6 per gallon for gas. Other states could be soon.
World

California is paying $6 per gallon for gas. Other states could be soon.

May 18, 2022
19
United States

White House Covid Briefings Return After Hiatus

May 18, 2022
19
Australia

Boris Johnson ‘choosing to let people struggle’ with cost of living says Keir Starmer – UK politics live

May 18, 2022
19

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

News 100

© 2021 News100

https://securetpnews.info/slot-gacor/ https://gratisbreipatroon.nl/situs-slot-gacor-hari-ini/ https://news100.org/situs-judi-slot-terbaik-dan-terpercaya-no-1/ slot online

Navigate Site

  • Contact Us
  • Privacy & Policy
  • Other Links

Follow Us

No Result
View All Result
  • World
    • Africa
    • Europe
    • Middle East
    • China
  • United States
  • India
  • Australia
  • UK
  • Business
  • History & Art
  • Science
  • Sports
  • Video Reels
  • Shorts

© 2021 News100

https://securetpnews.info/slot-gacor/ https://gratisbreipatroon.nl/situs-slot-gacor-hari-ini/ https://news100.org/situs-judi-slot-terbaik-dan-terpercaya-no-1/ slot online

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Slot88

Slot Gacor

Situs Slot Gacor

Slot Gacor

Slot Online

Daftar Slot88

Slot88

Slot Gacor

Slot Gacor

Slot88 Online

Slot Gacor Pragmatic

Slot Online Terbaik dan Terpercaya

Slot Gacor

Slot Online Terbaik dan Terpercaya