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Thursday, December 01, 2022

Five major Chinese companies to be removed from Wall Street

Dates vary, but the last business days are set for the end of August and the beginning of September.

The New York Securities and Exchange Commission said in December that 273 shares were at risk of delisting if they did not comply with regulations, including authorization. audit inspection,

The return of the President’s visit comes in the context of rising tensions between Beijing and Washington. US House of Representatives Nancy Pelosic to last week TaiwanAn island that China claims as part of its territory.

Beijing reacted angrily to the visit and conducted unprecedented military maneuvers around the autonomous island. Similarly, China suspended cooperation with the United States in areas such as climate change or the fight against drug trafficking.

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Motive

Five companies appeared precisely in the list of companies published by the North American regulator, secondsThreatened to be removed from Wall Street for not complying with new audit requirements implemented since late last year.

The five companies announced in separate statements that they expect to end their listings on Wall Street in early September. All of them argued, pointing to their decision Cost of Maintaining a Listing in the United StatesAs well as the burden of compliance with the new audit obligations.

in 2020, united states congress passed a law specifically targeting Chinese companies, under which Listed Company Accounting Oversight Board (PCAOB.)A non-profit organization created by Congress itself) must be able to oversee audits of foreign firms listed in the United States.

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More than 250 Chinese companies in the same position

companies of mainland China and Hong Kong Well they have been known in the United States for not sending their financial reports to licensed auditors.

The Chinese e-commerce giant is on the list of more than 250 companies at risk of being delisted in the United States. Ali Baba,

The Chinese stock regulator, in turn, commented that the decision to pull out of Wall Street was made by the five companies based on their “own business criteria”.

The Chinese regulator said in a statement that the withdrawal “will not affect the continued use by domestic and foreign capital market companies to finance and develop their activities”.

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