Index of U.S.-Listed Chinese Companies Falls to Lowest Point in Over a Year

The S&P/BNY Mellon China Select ADR Index, which tracks the American depositary receipts for 56 Chinese companies, fell 2.9% Thursday, bringing it to levels last recorded in early July of last year. That underperformed a 0.9%Alibaba Group Holding Ltd., the most valuable member of the China Select index, fell 3.9% to close below $200 for the first time since May 2020. The tech-heavy gauge, which also includes e-commerce rivals JD.com Inc. and Pinduoduo Inc.

U.S.-listed Chinese stocks have come under fresh pressure in recent days, after China’s government launched a cybersecurity probe into the newly listed Didi Global Inc., and said it would tighten rules for companies that are listed abroad or are seeking to sell shares overseas. The actions add toChinese authorities are working to

governing variable-interest entities, or VIEs, The Wall Street Journal reported. Many Chinese tech companies, including Alibaba and Didi, use such corporate structures to get around restrictions that disallow foreign investments into companies in technology, media and other sensitive industries.

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