Here is report from Charlie Gasparino at Fox Business:

Sources: Trump Administrative is moving toward a possible delisting of Chinese public co shares on US exchanges. Sources: Incoming SEC chair Paul Atkins likely to take up delisting issue when he officially takes office. Sources: Delisting possibility comes amid trade war with China but also growing GOP Congressional appetite to delist Chinese companies. Sources: US law allows delisting if Chinese companies don’t allow inspection of books and ties to the Chinese government. Sources: Lawmakers particularly concerned about so-called “golden shares” that grant the Chinese government control over listed cos

That's not going to help Chinese multiples but I just don't see any way that you could fully block US investors from China. There are many foreign ETFs tracking Chinese stocks.

In any case, this is more of the floating of an idea than anything else. It would take awhile and could be more of a threat to get China to negotiate.

Source: Forex Live