#Economy #Finance #Audit #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
 
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
 
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies.  If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors.  At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022.  In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits. 
 
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations.  The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
 
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups

https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/

U.S. Sanctions 24 Chinese Companies Involved in South China Sea Dispute

On August 26, 2020, the U.S. Government added 24 Chinese companies which help the Chinese military construct artificial islands in the South China Sea to an Entity List that bans them from purchasing American products, including 5 companies under Chinese Communication Construction Company in Hong Kong. The Chinese officials have not replied to the issue yet but the website under Global Times posted the news on WeChat, with a title "Sudden Disturbance".

The list includes Beijing Huanjia Telecommunication Co., Chongxin Bada Technology Development Co., Shanghai Cable Offshore Engineering Co., Tianjin Broadcasting Equipment Co., and the research institutes of the China Electronics Technology Group Corporation and China Shipbuilding Group.

Entity List also includes several divisions of China Communications Construction Company, which is in the Hong Kong stock exchange market (No. 1800). China Communications Construction Company is a contractor, handling many of the infrastructure projects for China's “Belt and Road” initiative around the world.

The U.S. State Department will impose visa restrictions on Chinese citizens who are “responsible for“, or “complicit in”, either the large-scale reclamation, construction, or militarization of disputed outposts in the South China Sea.” The family members of these sanctioned individuals may also face visa restrictions.

As the New York Times reports:

"The Chinese government has been rapidly building artificial islands in the disputed waters since 2013, dredging and constructing more than 3,000 acres of new land, including air defence and anti-ship missile features, the Commerce Department said in its announcement.

The island-building undermines the sovereignty of other countries in the region and comes despite the condemnation of the United States and other countries, according to the announcement."

#Sanction #SouthChinaSea #US #ChineseCompanies #HKStockExchange

Source: Apple Daily; New York Times #Aug26
https://hk.appledaily.com/china/20200826/7BPXGKYR4NBV5HZQTKTFSR6LGU/

#Sanction #US
#Trump Signs Executive Order to Ban Investment in 31 #PLA related Companies

The US President Donald Trump has signed an executive order prohibiting Americans from investing in 31 Chinese companies allegedly tied with the People’s Liberation Army (PLA), including China Mobile, China Telecom, and the China Aviation Industry Corporation, covering industries such as telecommunication technology, aerospace, shipbuilding, and construction.

This executive order will take effect on Jan 11, 2021. All companies listed by the U.S. Department of Defense as owned or controlled by the Chinese military, are banned from US corporate, pension and personal investments.

The executive order covers stocks, funds, and derivatives. U.S. investors who hold these securities are required to sell them before November next year. In addition, investors will have 60 days to clear their holdings for any Chinese companies added to the list in the future.

#US #ChineseCompanies #DonaldTrump #InvestmentBan #ExecutiveOrder

Source: Stand New #Nov13

https://bit.ly/2V57x3v

The United States is slapping sanctions on more than 40 #ChineseCompanies. Among them is the world’s largest #Drone maker and supplier to several law enforcement agencies.

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A new report shines the spotlight on Dr. #AnthonyFauci. The White House's chief medical adviser is now accused of holding significant investments that were poured into #ChineseCompanies.

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A newly released financial record is putting a U.S. health expert in the spotlight. The controversy revolves around Dr. #AnthonyFauci. His recent financial disclosure shows the doctor has significant investments in #ChineseCompanies.

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America is helping #ChineseCompanies prosper at the expense of U.S. companies. U.S. local and state governments are subsidizing Chinese companies by giving them low-interest loans, free land, or even cash.

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Over 80 #ChineseCompanies could be kicked off America's #StockMarket if they continue to fail to follow the rules here in the United States.

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"Cooperation" between #USNationalGuard and #Taiwan's military—that’s the word from Taiwan’s president, during a U.S. lawmaker’s visit to the island.

The United States puts more #ChineseCompanies under scrutiny, this time over sanctions.

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The #UnitedStates is accusing five #ChineseCompanies of supporting #Russia's military and violating sanctions against Russia. The Commerce Department added the five companies to its blacklist.

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#DemocraticLawmakers are questioning why some major #ChineseCompanies are excluded from an #ImporterBlacklist. Seven lawmakers wrote a letter asking U.S. customs officials to explain the issue.

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Five major state-owned #ChineseCompanies are about to delist from the #NewYorkStockExchange. China’s regulator says it’s by choice, but an ongoing U.S.-China debate may suggest otherwise.

Some officials say investment company #BlackRock is putting climate issues at the top of its agenda—even above making a profit for U.S. pension funds.

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Seven #ChineseCompanies have recently been added to #Washington's export #Blacklist, meaning any exports to these companies will need extra approval from U.S. authorities.

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