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UPDATE 1-China says U.S. audit law targeting Chinese firms discriminatory

(Adds more details, background)

SHANGHAI, Dec 4 (Reuters) – China’s securities regulator said on Friday that U.S. legislation that threatens to kick Chinese firms off its exchanges is “clearly discriminatory” and politically driven, but China is still willing to talk.

The U.S. Congress passed legislation on Wednesday that would force Chinese firms to delist from U.S. exchanges unless they abide by U.S. accounting rules. It is expected soon to be signed into law by U.S. President Donald Trump.

The China Securities Regulatory Commission (CSRC) said in a statement that the “Holding Foreign Companies Accountable Act” is “clearly discriminatory” and not based on professional grounds.

The Act would force U.S.-listed companies to prove that they are not controlled by a foreign government, and require companies name Chinese Communist Party (CCP) officials on their boards, and disclose whether their articles of incorporation contains any charter of the CCP.

“We firmly oppose

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U.S. bill aims to strip Chinese firms from stock exchanges over audits

Dec. 3 (UPI) — Federal lawmakers have approved a punitive measure to delist Chinese companies from U.S. stock markets if they deny government regulators access to vital audits.

The House on Wednesday passed the Holding Foreign Companies Accountable Act, which is aimed at hundreds of listed companies, mostly Chinese, whose audits have not been made available for inspection by the Public Company Accounting Oversight Board.

The same measure, first introduced last year, unanimously passed the Senate in May and now requires President Donald Trump’s approval. Trump is expected the sign the law.

The bill would affect more than 200 companies that trade on U.S. exchanges and have a combined value of $1.8 trillion in market capitalization.

Officials say in most cases Chinese accounting firms cite local laws related to data protection, privacy, confidentiality or national security when they don’t provide the PCAOB with requested information.

Under the new proposal, foreign

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QUOTES-Reactions to new U.S. audit law that could see Chinese firms kicked off U.S. exchanges

Dec 3 (Reuters) – U.S. President Donald Trump is expected to soon sign into law a bill that will allow the United States to kick Chinese companies off its exchanges if they fail to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.

Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.

If they do not bend, then there may be little the companies themselves can do to prevent a delisting, although some analysts expect U.S. and Chinese regulators to reach a compromise sometime in the next three years.

STEPHEN CHAN, PARTNER AT LAW FIRM DECHERTS, HONG KONG:

“With the House now having passed the bill and the executive order blocking certain U.S. investments in Chinese companies which the U.S considers to be owned or controlled by Chinese military, I would expect more U.S. listed

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More US-listed Chinese firms seen seeking backup listings as new audit law looms

Many foreign companies already conform to the standard, but Chinese firms do not
AFP

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday

The rush by US-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with US auditing rules.

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by US President Donald Trump after it was passed by the US House of Representatives on Wednesday. It stipulates that failure to comply with the US Public Accounting Oversight Board’s audits for three years in a row, will mean a US delisting.

While it applies

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Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges



a close up of a sign: Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges


© Provided by News18
Reactions To New U.S. Audit Law That Could See Chinese Firms Kicked Off U.S. Exchanges

U.S. President Donald Trump is expected to soon sign into law a bill that will allow the United States to kick Chinese companies off its exchanges if they fail to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row. Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. If they do not bend, then there may be little the companies themselves can do to prevent a delisting, although some analysts expect U.S. and Chinese regulators to reach a compromise sometime in the next three years. STEPHEN CHAN, PARTNER AT LAW FIRM DECHERTS, HONG KONG: “With the House now having passed the bill and the executive order blocking certain U.S. investments in Chinese companies which the U.S

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Analysis: More U.S.-listed Chinese firms seen seeking backup listings as new audit law looms

HONG KONG (Reuters) – The rush by U.S-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with U.S. auditing rules.

FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

The “Holding Foreign Companies Accountable Act” is expected soon to be signed into law by U.S. President Donald Trump after it was passed by the U.S. House of Representatives on Wednesday. It stipulates that failure to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row will mean a U.S. delisting.

While it applies to companies from any country, the

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US pushes ahead with new rules for Chinese firms



a close up of a sign: US and Chinese flags


© Getty Images
US and Chinese flags

The US House of Representatives has passed a law to kick Chinese companies off US stock exchanges if they do not comply with the its auditing rules.

The act would also require companies to disclose whether they are owned or controlled by a foreign government.

The Holding Foreign Companies Accountable Act still needs the President’s approval.

The move coincides with a wider push to ramp up pressure on China in the final months of the Trump presidency.

In addition to the act, the US government on Wednesday moved to ban cotton imports from a company it says uses the forced labour of detained Uighur Muslims.

The US also took action against Chinese-manufactured twist ties last week, taking the rare step of imposing tariffs to counter the effects of what the US claims is Chinese currency manipulation.

China too has increased pressure, introducing export

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ANALYSIS-More U.S.-listed Chinese firms seen seeking backup listings as new audit law looms

By Scott Murdoch and Kane Wu

HONG KONG, Dec 3 (Reuters)The rush by U.S-listed Chinese companies to secure a secondary listing in Hong Kong or China is only set to intensify as the United States readies a new law allowing it to kick firms off its exchanges if they do not comply with U.S. auditing rules.

The “Holding Foreign Companies Accountable Act” is expected to be soon signed into law by U.S. President Donald Trump after it was passed by the U.S. House of Representatives on Wednesday. It stipulates that failure to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row, will mean a U.S. delisting.

While it applies to companies from any country, the legislation’s sponsors intended it to target Chinese firms.

Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security

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Bill Forcing Chinese Firms to Meet US Accounting Standards Passes Congress | Voice of America

WASHINGTON – The U.S. House of Representatives passed legislation on Wednesday that could prevent Chinese companies from listing their shares on U.S. exchanges unless they adhere to U.S. auditing standards.

The measure passed by unanimous voice vote, after passing the Senate earlier this year, sending it to the White House, which said President Donald Trump is expected to sign it into law.

“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.

While it applies to companies from any country, the legislation targets Chinese companies such as Alibaba, tech firm Pinduoduo Inc. and oil giant PetroChina Co Ltd.

Measures taking a harder line on Chinese business and trade practices generally pass Congress with large margins, as both Democrats and Trump’s fellow Republicans

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Chinese firms on U.S. exchanges threatened by bill headed to Trump’s desk

WASHINGTON (Reuters) – The U.S. House of Representatives passed a law to kick Chinese companies off U.S. stock exchanges if they do not fully comply with the country’s auditing rules, giving President Donald Trump one more tool to threaten Beijing with before leaving office.

FILE PHOTO: Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. REUTERS/Brendan McDermid/File Photo

The measure passed the House by unanimous voice vote, after passing the Senate unanimously in May, sending it to Trump, who the White House said is expected to sign it into law.

“The Holding Foreign Companies Accountable Act” bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board’s audits for three years in a row.

While is applies to companies from any country, the legislation’s sponsors intended

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