Cross-listed Chinese shares slide in New York

Posted on by Listify Me
Shutterstock/TonyV3112

Tugboat with Pudong on the background on Nov. 20, 2010 in Shanghai. Pudong houses Lujiazui Finance and Trade Zone, Shanghai Stock Exchange and is China’s financial center.

Chinese companies cross-listed on the Shanghai Stock Exchange and U.S. exchanges traded sharply lower Tuesday following the ongoing heavy market selloff in China.

Those shares include Sinopec

SHI, -11.68%

 , Yanzhou Coal

YZC, -8.64%

 , China Petroleum

SNP, -2.34%

 , Guangshen Railway

GSH, -4.24%

 , China Life

LFC, -5.23%

 , Aluminum Corp of China

ACH, -9.37%

 , and Petrochina

PTR, -1.84%

The Securities Daily reported more than 23% of shares on China exchanges have suspended trading in the last seven days in an attempt to stem the rout. Market observers see the trading halts as a way for companies to shield their shares from collapse of Chinese markets, according to the report. None of the cross-listed shares have been halted in China.

The Shanghai Composite Index

SHCOMP, -5.90%

  was down 12.1% last week and the BNY Mellon China Select ADR Index

BKTCN, -3.49%

a reflection of all China shares listed on U.S. exchanges, was also down.