Xi’s Unprecedented Tax Clawback Hammers Chinese Listed Companies

Markets Contact us:Provide news feedback or report an error Confidential tip?Send a tip to our reporters Site feedback:Take our Survey By Bloomberg News August 25, 2026 at 11:00 PM UTC During more than two decades as a public company, Heilongjiang Agriculture Co. never once reported a first-half loss. That run is ending this year. The trigger wasn’t a harvest failure, fraud or a stock market crash. It was President Xi Jinping’s tax collectors serving the listed arm of China’s third-largest farming conglomerate with a bill totaling 120% of its net income in 2025, as they demanded back payment for previously enjoyed perks that they said it wasn’t eligible to claim. Over just three days in June, hundreds of millions of dollars were erased from the company share price — a fifth of its market cap — as investors digested the bad news.