“Big Chinese tech stocks lost hundreds of billions of dollars in combined market value in July, reflecting rising investor concern about how the sector will fare under a barrage of regulatory pressure from Beijing,” the Wall Street Journal reported last week. “A large number of companies, including Alibaba, Baidu Inc. and JD.com Inc., have both Hong Kong shares and American depositary receipts.”
In February 2020, the Globe reported that Indiana Rep. Jim Banks sent California Gov. Gavin Newsom a letter calling for the investigation of the Chief Investment Officer Yu Ben Meng of the California Public Employees’ Retirement System, the largest public pension fund in the nation, for his “long and cozy relationship with China.”
“The fund [CalPERS] has invested $3.1 billion in Chinese companies, some of which have been blacklisted by the U.S….