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US stock blacklists ripple through Hong Kong and China markets

Investors wary over Trump's order and uncertainty on Biden's policies

Since November 2019, when Alibaba sold shares for its secondary listing in Hong Kong, 10 U.S.-listed Chinese companies have raised $30 billion in the territory. (Photo by Dean Napolitano)

HONG KONG -- A crackdown on Chinese companies by the administration of U.S. President Donald Trump in its final days and uncertainty over the political direction of incoming President-elect Joe Biden could interrupt a rally in mainland stocks and lead to a surge in secondary listings in Hong Kong, analysts say.

Beginning on Monday, an executive order signed by Trump in November will prohibit purchases by U.S. investors of securities in 35 Chinese companies identified with links to the Chinese military, including top chipmaker Semiconductor Manufacturing International Corp., or SMIC, and multinational oil company CNOOC.

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