The ‘writing is on the wall’ for ‘Chimerica’ on U.S. stock exchanges as $318 billion of Chinese equity flees Wall Street

For months, federal regulators have increased pressure on Beijing and Chinese companies that trade on U.S. stock exchanges to comply with American listing rules.

But on Friday, five of China’s biggest U.S.-listed, state-owned giants, valued at a collective $318 billion, announced they would exit Wall Street instead, marking an acceleration in the U.S.-China financial decoupling.

State insurer China Life Insurance, energy behemoths PetroChina and China Petroleum & Chemical Corporation,…