The Trump administration is targeting China’s transparency, or lack thereof, by focusing on Chinese companies listing stocks on the US stock exchanges.
The US government is monitoring Luckin’s coffee. It is a chain of Chinese cafes founded in 2017.
In just three years, it has managed to exceed the number of Starbucks stores in China. In fact, last year, in 2019, Luckin Coffee made its debut on the U.S. stock exchange – Nasdaq.
The company’s shares jumped about 50% when it first started. Now, Luckin Coffee is delisted from the Nasdaq stock exchange. The Nasdaq cited “public interest concerns” for the radiation. He mentioned a recent accounting scandal as the main reason.
Massive fraud was discovered in the company’s accounts last month. The company’s sales for the second and fourth quarters of 2019 were overstated by $ 310 million. The company is said to have lied and rigged transactions. A fraud that came as a red flag for American investors.
The fraud also turned out to be new ammunition for the US government against China. Washington is now planning to impose tougher regulations on Chinese stocks. The US Senate is considering legislation that could prevent several other Chinese companies from listing stocks on the US stock exchanges.
They want Chinese companies to stop raising funds from American investors. Republican senators plan to submit the “foreign corporate responsibility law” to the United States Senate.
This time, they have the support of some Democrats. The bill is co-sponsored by Democratic Senator Chris van Hollen from Maryland.
It aims to achieve two main objectives: First, Chinese companies should establish that they are in no way state-run or controlled by China. Second, their transactions will be reviewed by an American accountant watchdog. It is only after that that they will be allowed to raise funds on public markets.
Some 600 Chinese companies are listed on the US stock exchanges. Most of these companies would risk being delisted if the legislation were passed. America’s message to Chinese cash cows is clear – be transparent or withdraw the list, which has bipartisan support.
Democrats and Republicans apparently want to set the record straight that they are both tough on China. Pressure continues on the Chinese regime.
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