Trump signs laws Open channel to remove Chinese companies from the US stock market If you fail to comply with US Auditing Standards within 3 years.
President Donald Trump signed the “The Holding Foreign Companies Accountable Act” on Friday, a new law that could remove Chinese firms’ stocks from the US stock market. Failure to comply with US Public Accounting Oversight Board Auditing Standards (PCAOB) within a 3-year period.
The law would also prohibit foreign companies from listing on the US stock market. Failure to comply with US PCAOB Audit Measures within 3 years
The law came out to apply to all foreign companies registered in the United States. But it is viewed as being specifically aimed at Chinese companies. This marks another attempt by the Trump administration to escalate tensions with China in the final weeks. Before Trump’s farewell to the US presidency
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Mrs. Hua Chunying, spokesman for the Chinese Foreign Ministry Revealed in a press conference on Dec. 3, the past that China Opposes Political Securities Regulation Movement This would severely undermine investor confidence around the world in the US capital markets. Damage to the international influence of the US market And it is detrimental to the interests of the United States.
The US-China Economic and Securities Review Commission reported this month that as of Oct. 2, 2020, there were 217 Chinese companies listed on the US stock market. With a market capitalization of $ 2.2 trillion
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