Beijing considers allowing US auditor to the books of most chinese stocks

[sizzy6]

i tot supporters say china stocks owe dont know how many trillion in US stock exchange. if all delist.. US stock market will crumble? why ccp so kind now dont want to let US crash?

• Chinese stocks surged on Friday after a report suggested that Beijing will grant US auditors access to company financials.
• The move would help satisfy a new US law that would delist Chinese stocks if they don't open their books to US auditors.
• Baidu was named earlier this week by the SEC as a company that was not in compliance with the new law.

Chinese stocks listed on US exchanges surged on Friday after a report suggested that authorities in Beijing will grant US auditors access to the financials of Chinese companies in order to prevent future delistings.

According to Bloomberg, Chinese authorities will give US regulators full access to auditing reports of the majority of the more than 200 Chinese companies that are listed on the New York Stock Exchange and Nasdaq. The move could come as soon as the middle of this year, according to Bloomberg, which cited people familiar with the process.

Shares of Baidu, which was identified earlier this week by the SEC as non-compliant with the new law, surged more than 9% in early Friday trades. Alibaba stock was up more than 7%, while the MSCI China ETF jumped 5%.

But not all Chinese companies will give US auditors access to their books and will instead face likely delisting, according to Bloomberg. Those companies include state-owned-enterprises and private companies that have sensitive data.



https://markets.businessinsider.com...dits-sec-regulation-prevent-delistings-2022-4

 

[pieface]

China is dependant on USA for it's economy. So they will have to conform to US law if they want to list their stocks there. This is hardly surprising.

 

[watertreader]

Quite surprised...china stock can refuse to allow for audit for so long