U.S. Congress passes bill that could delist Chinese stocks from U.S. markets

The U.S. House of Representatives passed legislation on Wednesday that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they adhere to U.S. auditing standards.

The measure passed by unanimous voice vote, after passing the senate by unanimous consent earlier this year, sending it to the White House where President Donald Trump was expected to sign it into law.

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

If signed into law, the measure would give Chinese companies listed on U.S. exchanges three years to comply with U.S. auditing rules before being removed from U.S. markets.