Commentary Chinese firms are delisting from American exchanges at an increasing pace. It is a complete reversal of a trajectory that up until recently saw China-based firms flocking to list their shares in the United States, Hong Kong, and elsewhere, both to raise their global profiles and to enlarge their sources of funding. The new delisting trend, according to estimates prepared by the American Enterprise Institute, has already reduced the market capitalization of Chinese listings in America by 50 percent. Similar movement has taken hold in other Western stock markets and even in Hong Kong. The presence of Chinese firms on these exchanges seems set to shrink much farther. It may even go to zero. Practically speaking, the trend may have little effect on financing, because direct American investment in China has risen rapidly enough to provide a substitute, at least until now. The dramatic shift by Chinese firms has …