Forwarded from 📡Guardians of Hong Kong
The US House of Representatives passed The Holding Foreign Companies Accountable Act, Chinese Stocks can be Unlisted after 3 Years if they don’t Comply with the Auditing Regulations
Are Chinese stocks in the US going to be “kicked”? The US House of Representatives unanimously passed The Holding Foreign Companies Accountable Act on Wednesday (Dec 2), demanding that the current Chinese stocks in the US have to follow the US auditing regulation standard within three years, including providing audit papers to the regulatory institution. Otherwise, they can be unlisted. After the House of Representatives passes the act, it will be sent to the White House for the signature from President Trump in the next step, to let the bill take into effect.
In other words, if Baidu, Alibaba, China Mobile, and other Chinese stocks in the US do not comply with the US regulatory standard, they can be unlisted.
The Holding Foreign Companies Accountable Act was unanimously verbally passed by the member of the US House of Representatives on December 2. Although the related act is for all foreign companies, it obviously targets the Chinese-funded firms. The bill requires listed companies to disclose whether a foreign government controls or holds the company, including the relationship with the CCP, demanding all the names of the CCP member in the board of directors of the company and whether the company policies or organisation documents includes any content of the CCP constitution. At the same time, the act gives three years for the Chinese firms in the US to comply with the US auditing relations, including letting the US regulatory institution access the audit paper, or the company can be unlisted.
#US #ChineseFundedCompany #CCP #USHouseOfRepresentatives #TheHoldingForeignCompaniesAccountableAct #AuditingRegulatoryStandard
Source: Stand News #Dec03
https://bit.ly/3mFRzsb
Are Chinese stocks in the US going to be “kicked”? The US House of Representatives unanimously passed The Holding Foreign Companies Accountable Act on Wednesday (Dec 2), demanding that the current Chinese stocks in the US have to follow the US auditing regulation standard within three years, including providing audit papers to the regulatory institution. Otherwise, they can be unlisted. After the House of Representatives passes the act, it will be sent to the White House for the signature from President Trump in the next step, to let the bill take into effect.
In other words, if Baidu, Alibaba, China Mobile, and other Chinese stocks in the US do not comply with the US regulatory standard, they can be unlisted.
The Holding Foreign Companies Accountable Act was unanimously verbally passed by the member of the US House of Representatives on December 2. Although the related act is for all foreign companies, it obviously targets the Chinese-funded firms. The bill requires listed companies to disclose whether a foreign government controls or holds the company, including the relationship with the CCP, demanding all the names of the CCP member in the board of directors of the company and whether the company policies or organisation documents includes any content of the CCP constitution. At the same time, the act gives three years for the Chinese firms in the US to comply with the US auditing relations, including letting the US regulatory institution access the audit paper, or the company can be unlisted.
#US #ChineseFundedCompany #CCP #USHouseOfRepresentatives #TheHoldingForeignCompaniesAccountableAct #AuditingRegulatoryStandard
Source: Stand News #Dec03
https://bit.ly/3mFRzsb