Chinese companies threatened by their US listings

Published: 2025-05-06 11:22:15 ET BABA

Published on 05/06/2025 at 11:22

By Esteban Tesson

Rising tensions between China and the US are reigniting the debate over the presence of Chinese companies on US stock exchanges. According to the Financial Times, two members of Congress recently asked the SEC to delist certain Chinese companies, citing alleged links to Xi Jinping's military.

Faced with the complexity of local listing and numerous restrictions in China, several companies are choosing to list abroad. This is the case for Shein, whose IPO is currently being considered in London, and Alibaba and Baidu, which are already listed in the United States. But against a backdrop of growing tensions, some senior US officials are calling for them to be delisted from Wall Street and added to the Chinese blacklist we mentioned earlier this year.

Here is an overview of the main companies concerned (the full list is available here):

E-commerce giant Alibaba has a wide range of activities, including Aliexpress, C2C and B2C platforms, logistics solutions via Cainiao, and cloud and artificial intelligence with its conversational agent Qwen.

Often compared to Amazon, JD.com is a major player in retail, healthcare, and logistics with JD Logistics. The group is also investing in AI for inventory optimization, automated customer service, and generative AI for marketing.

Parent company of Temu and Pinduoduo. Temu targets Western markets, while Pinduoduo is aimed at the Chinese public. Both platforms focus on low prices and massive volumes.

Nicknamed the "Chinese Google," Baidu dominates online search and advertising. The group is also investing in video, autonomous vehicles, and AI, notably through its conversational agent Ernie.

Considered the Chinese YouTube, Bilibili offers creative content, anime, films, series, and even sports. The group is also expanding into video game and anime production and has its own e-sports structure.

With 600 million users, Weibo is China's iconic social network, often compared to X (formerly Twitter). It derives its revenue from advertising, premium services, and e-commerce, and remains a central tool for digital communication and marketing.

A Wall Street-listed spin-off of Tencent Holdings. TME brings together several major music platforms (QQ, Kugou, Kuwo) and the karaoke app WeSing, which is extremely popular in Asia.

A manufacturer of high-end electric vehicles, NIO stands out with its battery exchange stations, a network of more than 2,400 facilities in China and now expanding in Europe.

Launched in 2015, Li Auto has democratized the use of thermal range extenders in electric vehicles.

Specializing in electric vehicles, XPeng is investing heavily in innovation with its XNGP intelligent driving system and flying car projects. The group also aims to produce its own AI chips.

Holding company responsible for the operating rights of KFC, Pizza Hut, and Taco Bell in China. Yum China is a key player in the country's fast food industry.

A real estate specialist, KE Holdings is behind Beike, a platform that combines sales, rentals, renovations, and financing. Its subsidiary Lianjia is a major broker on the Chinese market.

Founded in Shanghai in 1999, this travel services specialist includes Trip.com, Skyscanner, Qunar, and Ctrip. Listed on NASDAQ since 2003, the group has become one of the world leaders in the sector.

Esteban Tesson