|Bid||145.15 x 1300|
|Ask||146.15 x 1100|
|Day's Range||143.60 - 150.95|
|52 Week Range||30.20 - 155.61|
|Beta (5Y Monthly)||1.55|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 12, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||136.86|
The U.S. House of Representatives has unanimously approved legislation that would allow for the delisting of Chinese companies such as Alibaba Group Holding Ltd (NYSE: BABA) and Nio Inc (NYSE: NIO) unless they meet audit standards in the United States, the Wall Street Journal reported Wednesday.What Happened: The legislation passed the Senate with bipartisan support in May and will next go to the desk of the outgoing President Donald Trump, who is widely expected to sign it into law.Chinese companies along with their auditors will have three years from the passage of the law to be compliant with the U.S. bill's provisions before delisting is carried out.While companies from China have raised capital in the U.S., the East Asian country does not allow U.S. regulators to verify the audits of such firms, as per the Journal."Without this bill, the Chinese have been just stonewalling us, and we certainly shouldn't make it easier for a Chinese company to get American capital than an American company," said Rep. Brad Sherman (D-Calif.), a sponsor of the legislation.Why It Matters: If Chinese companies such as JD.com, Inc (NASDAQ: JD), and Pinduoduo Inc (NASDAQ: PDD) do exit U.S. markets it could hurt both the Intercontinental Exchange, Inc (NYSE: ICE)-owned New York Stock Exchange and Nasdaq, Inc (NASDAQ: NDAQ), which collect fees for listing from the companies and benefit from trading volumes, the Journal noted.Electric vehicle companies such as Nio, Xpeng Inc (NYSE: XPEV), and Li Auto (NASDAQ: LI) will also have to comply with the provisions of the bill. A Nio spokesperson told Barron's that the company was aware of the situation and has become compliant over the past few months. Chinese officials have voiced criticism of the bill, claiming it would harm the capital markets, the Journal reported separately. Price Action: On Wednesday, Alibaba shares closed 1.02% lower at $261.32, JD.Com shares closed 1.15% lower at $84.38, and Li Auto shares closed 0.32% lower at $34.75. On the same day, Nio shares rose 5.78% higher at $47.98, Xpeng shares rose 7.38% at $56 and Pinduoduo shares closed 5.51% higher at $144.06.Photo courtesy: The Pop Culture Geek Network via FlickrSee more from Benzinga * Click here for options trades from Benzinga * Apple Names 15 Best iPhone, iPad Apps Of 2020 — Helpfulness In Pandemic Takes Center Stage * Pfizer-BioNTech COVID-19 Vaccine Gets UK Approval For Emergency Use(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The House just passed the Holding Foreign Companies Accountable Act. Will it lead to the delisting of Alibaba stock and other China stocks?
Pinduoduo had a nice move on an outside day with support at 21-day moving average line closing near top of range.