Major U.S. fund managers have tens of billion of dollars at stake in some of the most popular Chinese stocks on Wall Street, exposing them to potential losses should the White House move to delist Chinese firms from U.S. exchanges.

White House trade adviser Peter Navarro on Monday dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges as "fake news," helping Chinese stocks including JD.com and Alibaba Group Holding recover some of their declines from Friday after the reports emerged.

As Navarro's comments reduced investor fears, the S&P/BNY Mellon China Select ADR index rose 1.1% after tumbling more than 3% on Friday. Still, the possibility of a future U.S. move to boot Chinese companies out of U.S. markets remains a topic of concern for investors.

"The proposed measures would completely undermine the international ADR/GDR etc. market and would harm the US's role as a conduit for international capital," Jefferies equity strategist Sean Darby wrote in a client note.

Leading U.S. investors across Chinese companies listed on U.S. exchanges include Blackrock, T. Rowe Price Associates and the Vanguard Group, with over $40 billion invested, according to Refinitiv data, based on fund filings.

After Monday, Chinese markets will be closed for a week-long holiday marking the 70th anniversary of the founding of the People's Republic of China. U.S.-listed shares of Chinese companies will continue to trade during that time, exposing them to more potential volatility.

The graphics below show leading U.S. investors' exposures to four major Chinese companies popular on Wall Street, based on Refinitiv data.