Trump expected to sign bill that could deregister Chinese companies, White House says

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FILE PHOTO: US President Donald Trump during a brief appearance in the Brady Press Conference Room at the White House in Washington, United States, November 24, 2020. REUTERS / Hannah McKay / File Photo

WASHINGTON (Reuters) – US President Donald Trump is expected to sign a bill that could prevent some Chinese companies from listing their stocks on US stock exchanges unless they meet US auditing standards, the White House said on Wednesday .

The bill, which passed in the Senate earlier this year and was approved by the House of Representatives on Wednesday, could hit companies such as Alibaba, tech company Pinduoduo Inc and oil giant PetroChina Co Ltd.

If enacted, the measure would give Chinese companies listed on US stock exchanges three years to comply with US audit rules before being withdrawn from US markets.

Reporting by Alexandra Alper and Patricia Zengerle; Editing by Leslie Adler

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