Aberdeen Standard Investments, one of the UK’s largest fund managers, has written to US regulators to warn their moves to crack down on Chinese companies listed on American exchanges could harm private shareholders.

In a letter sent in June, seen by Financial News, the £511.8bn asset manager warned that if the Holding Foreign Companies Accountable Act forces Chinese companies to rapidly de-list themselves from US exchanges, a loophole in existing rules means they can do so on their own terms, forcing terms through against private shareholders’ will.