A new bill that targets Chinese companies listed on U.S. exchanges could not only 'backfire' on American investors, and Wall Street could oppose it, a Harvard professor told CNBC on Tuesday.
A new bill that targets Chinese companies listed on U.S. exchanges could not only "backfire" on American investors, but also hurt Wall Street — which will lobby against the legislation, a Harvard professor told CNBC on Tuesday.that could essentially ban many Chinese companies from listing their shares on U.S. exchanges, or raising money from American investors.
It's highly unlikely that China is going to allow inspections of audits done in mainland China. This will cause the stock prices of these firms to fall, the people controlling these firms will then be able to take these firms private at a very low price to the disadvantage of American investors.
"So I think in terms of protecting American investors, this bill if it becomes law, could backfire," Fried warned.
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