How the delisting of Chinese firms on American exchanges might play out

THESE DAYS politicians in Beijing and Washington seem to agree on very little. Yet on the subject of ending the listing of Chinese firms on American exchanges they are in uncommon harmony. The collapse last year of Luckin Coffee, a Chinese beverage-delivery group listed on the Nasdaq that was caught inflating its sales, reignited political grievances in America. The result was the Holding Foreign Companies Accountable Act, which requires companies traded on American exchanges to submit to audits or face delisting within three years. The precise rules are still being drawn up, but will probably eventually involve a great shedding of shares.