House seen backing bill that could block Chinese firms from US securities markets

The bill would give Chinese companies like Alibaba, China Telecom Corp Ltd and China Mobile Ltd three years to comply with U.S. rules before being removed from U.S. markets.

WASHINGTON: The U.S. House of Representatives is expected to pass legislation this week that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they adhere to U.S. auditing standards, congressional aides said on Tuesday.

The House is scheduled to vote on Wednesday evening on "The Holding Foreign Companies Accountable Act," which bars securities of foreign companies from being listed on any U.S. exchange if it has failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.