Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Chinese firms on U.S. exchanges threatened by bill headed to Trump's desk
Source: Reuters
MEDIA AND TELECOMS
DECEMBER 2, 2020 4:14 PM UPDATED AN HOUR AGO
Chinese firms on U.S. exchanges threatened by bill headed to Trump's desk
By Patricia Zengerle
4 MIN READ
WASHINGTON (Reuters) - The U.S. House of Representatives passed a law to kick Chinese companies off U.S. stock exchanges if they do not fully comply with the country’s auditing rules, giving President Donald Trump one more tool to threaten Beijing with before leaving office.
The measure passed the House by unanimous voice vote, after passing the Senate unanimously in May, sending it to Trump, who the White House said is expected to sign it into law.
“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.
While is applies to companies from any country, the legislation’s sponsors intended it to target Chinese companies listed in the United States, such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd..
-snip-
DECEMBER 2, 2020 4:14 PM UPDATED AN HOUR AGO
Chinese firms on U.S. exchanges threatened by bill headed to Trump's desk
By Patricia Zengerle
4 MIN READ
WASHINGTON (Reuters) - The U.S. House of Representatives passed a law to kick Chinese companies off U.S. stock exchanges if they do not fully comply with the country’s auditing rules, giving President Donald Trump one more tool to threaten Beijing with before leaving office.
The measure passed the House by unanimous voice vote, after passing the Senate unanimously in May, sending it to Trump, who the White House said is expected to sign it into law.
“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.
While is applies to companies from any country, the legislation’s sponsors intended it to target Chinese companies listed in the United States, such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd..
-snip-
Read more: https://www.reuters.com/article/us-usa-china-stocks/chinese-firms-on-u-s-exchanges-threatened-by-bill-headed-to-trumps-desk-idUSKBN28C3C3
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
