China and the U.S. are breaking up… financially. Since 2019, more than 80 Chinese companies have delisted from U.S. stock exchanges. Chinese stocks now make up less than 2% of the total market cap on the NYSE and Nasdaq. That’s a steep decline from what used to be a booming presence.

Why are they leaving? A mix of U.S. congressional pressure, tightening audit rules, and geopolitical tensions is accelerating the pullback. Chinese firms no longer see the U.S. as the golden standard for listings. Instead, they're shifting focus to Hong Kong IPOs, which are increasingly backed by local policy support and even Wall Street investment banks.

What does this mean for investors?

The remaining Chinese listings are mostly small, speculative, and high-risk—not the tech giants of the past.

For context, the average IPO size in 2024 from Chinese companies was under $7M, often with little to no track record.

Scandals like Luckin Coffee and regulatory battles with firms like Didi have triggered trust issues and fast-tracked the delisting wave.