Holding Foreign Companies Accountable Act was signed by US President Trump on December 18, 2020 and officially came into force.The Act directly refers to Chinese enterprises listed in the United States, which raises the contradictions and differences between the two countries' securities regulatory cooperation to financial decoupling, bringing the risk of delisting withdrawing from the U.S. capital market to the listed Chinese enterprises.The Act is the extension of trade friction between China and the United States to the financial field in recent years, and also the vertical development of the “decoupling theory” proposed by the United States outside the trade and investment fields.Different from previous trade confrontations, the ongoing US-China trade war is expanding to investment and finance from trade. The trade war between the two countries has not eased due to the signing of the US-China Phase 1 Trade Deal in January 2020, but even worsened along with the coronavirus pandemic. The US seems to speed up the de-coupling process from China, which poses severe threats and challenges to Chinese firms listed in the US. This article tends to focus on the two countries' controversy over the regulatory cooperation in the field of the capital market, analyze relevant legal issues, and accordingly propose some possible responses.