The U.S. accounting watchdog said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges. | Reuters
U.S.-listed shares of Chinese companies started trading higher amid the news, but gave up gains due to broader financial market pressure.
U.S. lawmakers in 2020 agreed to legislation that would oust Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards. Sources previously told Reuters U.S. officials had gained “good access” to all the information they requested during the seven-week inspection.In separate news on Thursday, the Biden administration added Chinese memory chipmaker YMTC and 21 “major” Chinese players in the artificial intelligence chip industry to a trade blacklist, broadening its crackdown on China’s chip industry.
Since then, the two countries have gradually restored communications – first with a meeting between U.S. President Joe Biden and Chinese President Xi Jinping, followed by lower-level meetings and a resumption of talks on climate change and other topics.In its statement, the PCAOB said it exercised sole discretion to select firms for audit and had selected two, KPMG Huazhen LLP in China and PricewaterhouseCoopers in Hong Kong.
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