Connect with us

International

Chinese regulator seeks to avoid US delisting of Chinese companies

Published

on

 


A Chinese national flag flies in front of the building of the China Securities Regulatory Commission (CSRC) on Financial Street in Beijing, China on July 9, 2021. REUTERS / Tingshu Wang

Register now for FREE and unlimited access to reuters.com

Register now

HONG KONG, Nov. 25 (Reuters) – Chinese authorities are working with their US counterparts to prevent Chinese companies from being delisted from US stock exchanges, a Chinese regulator said Thursday, amid a protracted dispute over the standards of audit rumbles.

US authorities are preparing to expel foreign companies from US stock exchanges if their audits do not meet US standards.

The Public Company Accounting Oversight Board (PCAOB) and US policymakers have long complained about the lack of access to audit working papers for Chinese companies listed in the United States. Citing national security concerns, Chinese authorities have been reluctant to allow foreign regulators to inspect the working papers of local accounting firms.

Register now for FREE and unlimited access to reuters.com

Register now

“We do not believe that delisting Chinese companies from the US market is a good thing for companies, nor for global investors or for Sino-US relations,” said Shen Bing, general manager of the international affairs department of the China Securities Regulatory Commission. conference in Hong Kong.

“We are working very hard to resolve the audit problem with our American counterparts, communication is currently fluid and open. There is a risk of delisting of these companies but we are working very hard to prevent this from happening”, a- he added.

In December 2020, during the final weeks of his administration, President Donald Trump signed a law to remove foreign companies from U.S. stock exchanges if they failed to comply with U.S. auditing standards for three consecutive years.

A map on the organization’s website showed China as the only jurisdiction that denied the PCAOB “the access necessary for surveillance.”

Speaking at the same conference, Ashley Alder, CEO of the Hong Kong Securities and Futures Commission, said he was concerned that Sino-US tensions could prevent a solution.

“Sometimes politics can disrupt technical solutions that are reasonable and achievable, and I get a degree of political attitude within the American establishment that is not necessarily conducive to a better outcome.”

Hong Kong had previously experienced similar issues with accessing mainland China’s audit working papers, but Alder said the SFC’s relationship with the CSRC and a 2019 deal helped resolve them.

Hong Kong has profited from the Sino-U.S. Feud, as a series of U.S.-listed Chinese companies have conducted secondary listings in the city in recent years, in part as a safeguard in case the companies are delisted from the Nasdaq. or NYSE, depending on market participants.

The Hong Kong Stock Exchange last week confirmed that it will make rule changes to make it easier for Chinese companies listed abroad to conduct secondary listings and for companies to change a secondary listing of Hong Kong. in one main quotation.

Register now for FREE and unlimited access to reuters.com

Register now

Reporting by Scott Murcoch; Writing of Alun John; Editing by Muralikumar Anantharaman & Simon Cameron-Moore

Our Standards: Thomson Reuters Trust Principles.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/world/china/china-regulator-says-authorities-working-hard-stop-us-delistings-chinese-firms-2021-11-25/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]