A war of words between U.S. and China is intensifying. BlackRock’s Chinese investments are now targeted while attacks on U.S.-listed mainland companies threaten $1 trln in market value. It’ll be hard to avoid collateral damage in finance, says GinaChon:
The U.S. Senate on May 20 approved a plan that would prohibit overseas companies from listing on stock exchanges in the United States unless they comply with federal auditing rules. The legislation doesn’t specifically cite China but it is aimed at Chinese companies that are exempt from being audited by accredited U.S. firms and reviewed by the U.S. Public Company Accounting Oversight Board.
Under the bipartisan legislation, the Securities and Exchange Commission could bar or delist a foreign company if it doesn’t make audit reports available to the PCAOB and has three consecutive years of not being examined. It was passed by unanimous consent and now moves to the U.S. House of Representatives.
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