Wednesday, April 21, 2021
Home WORLD Trump signs bill that could kick Chinese firms off US stock exchanges

Trump signs bill that could kick Chinese firms off US stock exchanges

WASHINGTON: President Donald Trump on Friday signed legislation that would kick Chinese companies off US stock exchanges unless they adhere to American auditing standards, the White House said, giving the Republican one more tool to threaten Beijing with before leaving office next month.
“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any US exchange if they have failed to comply with the US Public Accounting Oversight Board’s audits for three years in a row.
While it applies to companies from any country, the legislation’s sponsors intended it to target Chinese companies listed in the United States, such as Alibaba , tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd.
The legislation, like many others taking a harder line on Chinese businesses, had passed Congress by large margins earlier this year. Lawmakers – both Democrats and Trump’s fellow Republicans – echo the president’s hard line against Beijing, which became fiercer this year as Trump blamed China for the coronavirus ravaging the United States.
The act would also require public companies to disclose whether they are owned or controlled by a foreign government.
Chinese officials have dismissed the measure as a discriminatory policy that politically oppresses Chinese firms.
Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.

Source link


Please enter your comment!
Please enter your name here

Most Popular

​Most stylish looks of Allu Arjun ​

Actor Allu Arjun has not only proved his acting chops but is also a trendsetter when it comes to style. Source link

Cold Brew Day: The Ultimate Guide to Make the Perfect Cold Brew At Home! – Times of India

It's cold brew day and what better day to understand the lesser known facts about it. Cold brew is often confused with cold...

Coronavirus vaccine in India: COVID vaccination for 18+ to open up, all you need to know about the vaccines available in India

Expecting some side effects post-vaccination is normal. The usual side-effects people report right now are mild, reactogenic ones, including pain at the injection...

Coronavirus treatment at home: Tips to treat COVID-19 at home and everything you should know

Most people who test positive for the virus suffer with either mild symptoms or are asymptomatic, which can be treated at home. The...

Recent Comments