China firms listed in US pounded as clampdowns hurt confidence

Chinese companies listed in the United States are slated to have their longest losing streak in more than 10 years as Beijing continues its clampdown.

Chinese companies listed in the U.S. are on pace for their longest losing streak in more than a decade after Beijing intensified its regulatory clampdown across various industries this week. American depositary receipts for tech giants have racked up losses with Tencent Holdings Ltd., Alibaba Group Holding Ltd., and Nio Inc., erasing more than 7% each this week. The declines have sent the Nasdaq Golden Dragon China Index to lose 7.7% of its value this week, wrapping up two months of declines. Chinese state media called for tougher oversight to protect consumers, hurting liquor makers, cosmetics firms and online pharmacies on Friday. The Hang Seng Index plunged to enter a technical bear market as regulatory crackdowns spread across industries. This comes after policymakers in China released a fresh round of proposed regulations to further ensure the rights of drivers who work for online companies and to step up oversight of the live streaming industry.