Friday, 05 June, 2020


Senate passes bill that could block Chinese firms from United States securities exchanges

Senate passes bill to delist Chinese companies from exchanges Senate passes bill removing rogue Chinese firms from US stock exchanges
Conrad Doyle | 22 May, 2020, 23:09

The legislation passed by the US Senate on Wednesday, which requires companies to certify that they are not owned or controlled by a foreign government, will prompt more US-listed Chinese companies to pursue relistings in the A-share market, experts said on Thursday.

Essentially, the U.S. Senate bill would prohibit trading for stocks whereby U.S. regulators have not been able to inspect the company's auditor for three consecutive years.

Senators behind the Bill say it is an effort to subject Chinese companies to the same oversight as USA companies to protect American shareholders from fraud that could wipe out their investments.

"The administration is not contemplating blocking Chinese companies from listing shares on United States stock exchanges at this time". "We can't let foreign threats to Americans' retirement funds take root in our exchanges".

Kennedy, who introduced the bill in late March along with Democrat senator Chris Van Hollen of Maryland, said to Reuters that the Securities and Exchange Commission protected American investors from being "swindled by American companies", but Chinese companies were not as well scrutinised.

Under the bill, companies would also be required to submit to an audit that can be reviewed by the PCAOB (Public Company Accounting Oversight Board) - which is now unable to audit the accounts of companies registered in China.

US-listed Chinese companies have come under scrutiny after Luckin Coffee revealed that an internal investigation found $310 million of its sales previous year between April and December were "fabricated".

In fact, Hong Kong's benchmark Hang Seng index has made it easier for large Chinese companies by allowing them to join the index even if they have primary listings elsewhere. Sherman said in a statement that Nasdaq moved this week to delist China-based Luckin Coffee after executives at the company admitted fabricating $310 million in sales between April and December 2019.

Spokesman speaks stupidly on behalf of China, trying desperately to deflect the pain and carnage that their country spread throughout the world. It all comes from the top. They could have easily stopped the plague, but they didn't!

The bullish YINN attempts to deliver triple the daily returns of the FTSE China 50 Index, which contains Hong Kong-listed Chinese firms, several of which also trade in NY. However, it must pass the House of Representatives and be signed by President Donald Trump to become law.

After reaching a brief detente in their trade war late past year, the U.S. and China are once again clashing publicly on several fronts, including Washington's national security concerns about Chinese telecoms company Huawei and Beijing's handling of coronavirus.

The passing of the bill is a reflection of the growing anger among U.S. lawmakers towards China and its handling of the coronavirus pandemic.

Mr Trump also accused China of embarking on a "massive disinformation campaign" because it preferred his Democratic rival Joe Biden to win the presidential election in November - charges that China has denied.

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