Todd Bishop
A group formed by a bipartisan member of the United States, at the local time (Wednesday), the US Congress proposed a bill requiring China to accept more stringent supervision in US listed companies, and said that Beijing is hindering the effective implementation of supervision.
Reuters reported that a group of US bipartisan members of the United States Congress proposed a bill on the same day that requires all Chinese companies listed on the American Stock Exchange to comply with stricter regulations, including providing to the authorities. More information related to auditing and the extent of restrictions by Chinese law.
One member of the group, US Senator Bob Menendez, said the move was to allow Chinese companies currently listed on the US stock market to comply with the same rules as US companies.
Another sponsor of the bill, US Congressman Marco Rubio, pointed out that Beijing is currently providing shelter for Chinese companies listed in the US, in order to protect them from compliance with the US implementation of financial transparency and questioning. Responsible for other regulations, and such behavior should be prevented.
334 stocks listed in Hong Kong in 4 years
In addition, the US Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) issued a warning to investors last year that US regulators encountered difficulties in auditing 224 US-listed companies, and the total market capitalization of these companies reached 1.8 trillion US dollars, many of which are from China. According to relevant Chinese laws, the accounting records and records of enterprises must be kept in China, and relevant documents are subject to some restrictions in the process of transferring to foreign countries.
It is understood that there is a concept of “China stocks” in the US stock market and it is also equipped with corresponding indexes. According to the “2018 Global China Stock Market Research Report” published by China’s money management company, Jiyan Capital, From 2014 to 2018, the number of Chinese companies going to the United States was 92, and the number of listings in Hong Kong was 334.
