CHINA SLAMS U.S. SIGNATURE OF BILL BARRING CHINESE FIRMS FROM U.S. STOCK MARKET

CNC
Added On December 22, 2020

The Holding Foreign Companies Accountable Act, recently passed by the U.S. House of Representatives, demands additional information disclosure from foreign public companies in the U.S. market, including the requirement that foreign issuers of securities establish that they are not owned or controlled by a foreign government. Noting that the move has severely distorted the basic principles of market economy the U.S. always claims to champion, the spokesperson said it would deprive U.S. investors and the U.S. public of benefiting from the development of Chinese companies, weaken global investors' confidence in the U.S. capital market, and eventually damage the international status and reputation of the U.S. capital market. He called on the U.S. side to promote audit and regulatory cooperation jointly with the Chinese regulatory authorities on the basis of mutual respect, and to provide a fair, just and non-discriminatory regulatory environment for companies from various countries, including China to be listed in the United States.