What if America Delists Chinese Firms?

Chinese firms are more enthusiastic than most about listing on US stock exchanges. Currently, 250 of them, including companies that are registered in Hong Kong or offshore centers but derive most of their revenue and profits from mainland China, trade on US equity markets.

But a recent flurry of official measures in both China and the United States suggests that the two governments are not keen on Chinese firms retaining their US listings. If push comes to shove, how would delisting hurt either country?