As of November 30, 2025, many large Chinese companies that use VIE-based structures remain listed on U.S. exchanges via ADRs, so the blanket claim that such ADRs would have to be delisted has not come true.

Examples:

• Alibaba Group (BABA) still trades on the NYSE and uses a Cayman Islands VIE structure to allow foreign investors exposure to its Chinese operations.
• JD.com (JD) continues to be listed on NASDAQ, also via a VIE-based offshore entity.
• Baidu (BIDU) is still traded on NASDAQ through a similar VIE/ADR structure.
• Numerous other Chinese tech and internet companies with VIE-based ADRs continue to be listed; some have added secondary or dual-primary listings in Hong Kong but have not delisted from U.S. markets.

While there have been notable individual delistings or withdrawals (e.g., DiDi Global and some smaller firms) driven by Chinese regulatory pressure and the U.S. Holding Foreign Companies Accountable Act, the prediction was categorical: “You’re going to have to delist these ADRs.” Interpreted as a broad outcome for Chinese VIE-based ADRs in general, this has clearly not happened by late 2025. Many remain active and liquid on U.S. exchanges.

Therefore, the prediction is wrong in its broad, deterministic form.