China regulatory clampdown batters U.S.-listed companies

China’s efforts to discourage companies from going public in the U.S. and to rein in those already listed there are proving costly. The relative performance of the S&P/BNY Mellon China Select Index, consisting of companies with listings on the New York or Nasdaq stock exchanges, shows as much. A ratio between the indicator and the S&P 500 fell Friday to its lowest level since May 2004, according to data compiled by Bloomberg. Last week’s close was down 46% from the ratio’s high for the year, reached Feb. 16, and down 67% from a record set in October 2007.