U.S. Secretary of State Mike Pompeo on Thursday warned American investors against 'fraudulent' accounting practices of China-based companies and said the Nasdaq's recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.
WASHINGTON - U.S. Secretary of State Mike Pompeo on Thursday warned American investors against ‘fraudulent’ accounting practices of China-based companies and said the Nasdaq’s recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.
It also represents the latest flashpoint in the relationship between Washington and Beijing at a time of escalating tensions between the world’s two largest economies over trade, the coronavirus pandemic as well as a spat over Hong Kong. Nasdaq Inc took action last month and tightened listing rules, in a bid to curb initial public offerings of Chinese companies closely held by insiders and with opaque accounting.
He also said he was instructing a presidential working group to study the differing practices of Chinese companies listed on the U.S. financial markets, with the goal of protecting American investors. As a result of the U.S. pressure, many U.S.-listed Chinese firms will likely list on the Hong Kong exchange this year in part because of U.S. political pressure, the head of the exchange said Thursday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market live updates: Dow futures up 150, Nasdaq-100 nears record, reopening trades up againInvestors clung to optimism for a smooth economic reopening as more coronavirus restrictions started to ease.
Read more »
Warner Music strikes a chord as shares pop on Nasdaq debutWarner Music Group Corp's stock popped 8% on its Nasdaq debut on Wednesday, after the world's third-largest recording label sold shares in its $1.9-billion initial public offering towards the higher end of its target.
Read more »
Nasdaq 100 nears record, and traders agree one lagging component can catch upNasdaq 100 nears record, and traders agree one lagging component can catch up $QQQ (via TradingNation)
Read more »
Hydrogen Truckmaker Nikola Is Ready For Its Nasdaq DebutNikola, a maker of hydrogen and battery-powered semis, is set to trade shares on Nasdaq this week after investors approved its reverse merger with VectoIQ
Read more »
Nasdaq-100 index hits record high, erasing losses from coronavirus pandemicThe Nasdaq-100 index rose to a record high, becoming the first major U.S. stock index to fully erase its losses from the coronavirus pandemic sell-off.
Read more »
S&P 500 snaps 4-day winning streak, Nasdaq-100 touches record before retreatingThe S&P 500 snapped its 4-day winning streak and the Nasdaq-100 hit a record before retreating on Thursday. Here's how the major averages performed: - The Dow rose 11 points. - The S&P 500 lost .34%. - The Nasdaq fell .69%.
Read more »