Trump administration considering delisting U.S.-listed Chinese firms: report

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© Reuters. Traders work on the floor at the NYSE in New York© Reuters. Traders work on the floor at the NYSE in New York

(Reuters) – The Trump administration is considering delisting Chinese firms from U.S. stock exchanges, according a Bloomberg report on Friday, sending shares of those companies sharply lower.

Exact mechanisms for how to delist the companies were yet to be worked out and any plan is subject to approval by President Donald Trump, who has given the green light to the discussion, Bloomberg reported, citing a person close to the deliberations.

Shares of Alibaba Group Holding (N:), (O:), Pinduoduo (O:), Baidu (O:), Vipshop Holdings (N:), Baozun (O:) and IQIYI (O:) fell between 2% to 4% in afternoon trading.

White House officials are also discussing ways to limit U.S. portfolio flows into China, Reuters reported, citing a U.S. government official.

Trade talks between the United States and China are set to resume on Oct. 10 in Washington, CNBC reported on Thursday, citing three people close to the talks.

White House was not immediately available for a comment.

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