Why China and U.S. Are Clashing Over Stock Listings

The money flow was profitable for company founders, bankers, early investors and new shareholders. Ride-hailing giant Didi Global Inc. said it would withdraw from U.S. stock exchanges, a stunning reversal as it yielded to demands from Chinese regulat Chinese companies in need of capital have long headed to the U.S. stock market to tap deep-pocketed investors, raising more than $100 billion in first-time share sales over the past two decades.

All this looks set to change due to actions by both countries, with implications for Wall Street and for Chinese companies, which accounted for about 4% of America’s $50 trillion-plus equity market as of mi

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