On the left, the chart illustrates the number of U.S.-listed Chinese companies and their aggregate market capitalization. We track the number of U.S.-listed Chinese companies by measuring the number of American depository receipts (ADR), Chinese companies that are trading on the U.S. stock exchanges. Amid ongoing U.S.-China tension and intensifying regulatory pressures in both China and the U.S., the number of ADRs and the amount of aggregate market capitalization going forward will remain a market focus. The chart on the right compares the performance of onshore Chinese equities (CSI 300 Index) with the S&P/BNY Mellon China Select ADR Index which seeks to track all ADR trading on the U.S. stock exchanges. The ADR index fell from its February 2021 peak amid the increased regulatory pressures.