U.S.–listed Chinese concept stocks plummeted on Friday, Dec. 3. The total market value quickly evaporated $108.3 billion after the U.S. imposed the Holding Foreign Companies Accountable Act (HFCAA).

The Securities and Exchange Commission (SEC) announced that they had approved revisions to the HFCAA’s final rule on Thursday. The rule required China’s stock companies listed in the U.S. to provide more information. Being affected by the law, China’s concept stocks (a set of stocks listed in the U.S. but its assets and revenues come primarily from activities in mainland China) fell sharply on Friday. The Nasdaq Golden Dragon China index, which measures the overall performance of Chinese stocks, declined 9.12%.

Among well-known China concept stocks, Alibaba and Pinduoduo declined over 7%; Dindong Maicai was down more than 18%. Didi Chuxing was down 22%, and its market value fell to about $4.8 billion. Compared to the issue price of 14 USD, the share price of Didi Chuxing has decreased by 56%.

China Times statistics on Saturday showed that the total market value of 274 Chinese concept stocks was $1335.5 billion, plummeting on Friday and losing $108.3 billion at the time, after just one night. Among them, Alibaba’s latest market value is approximately $303.5 billion, and it lost $27.2 billion overnight.

According to the SEC, the US-listed Chinese stock companies had to declare whether they were owned or under any government control and provide evidence about their companies’ audit inspections.

Unlike other countries, the Chinese Communist Party does not allow the SEC’s accounting agency Public Company Accounting Oversight Board (PCAOB) to supervise its audit inspections.

Didi Chuxing announced that they would “immediately” withdraw from the New York Stock Exchange and move to Hong Kong.

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