The US Senate approved legislation that could lead to marquee Chinese companies like Alibaba and Baidu being barred from listing on US stock exchanges. Now companies will be required to certify that they are not under the control of a foreign government. The US lawmakers have raised red flags over billions of dollars flowing into Chinese companies from pension funds and college endowments. If a company cannot prove that it is not under such foreign control or if PCAOB is not able to audit the company for 3 consecutive years, such companies can be delisted from the US. It almost is becoming like the next cold war.