A bipartisan group of U.S. lawmakers introduced a bill on Wednesday to force Chi...
WASHINGTON/HONG KONG - A bipartisan group of U.S. lawmakers introduced a bill on Wednesday to force Chinese companies listed on American stock exchanges to submit to regulatory oversight, including providing access to audits or face delisting.
In spite of a 2013 agreement that ended a stalemate over the issue and allowed U.S. regulators to request audit working papers in China, there have been difficulties in actually gaining access. Last year the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a warning to investors about the difficulties U.S. regulators faced in inspecting the audit work and practices of auditing firms in China that examine U.S.-listed Chinese companies.
Paul Gillis, professor of practice at Peking University’s Guanghua School of Management, said in a blog post he thought the bill had a good chance of passing and start a three-year countdown for negotiations or for the companies to find another listing home. Hong Kong Exchanges and Clearing Ltd changed its rules last year to allow listings by companies with weighted voting rights, though its rules differ markedly from those in the U.S.
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