US - Delisting of Chinese Companies

[winston]

US-China accounting war: SEC chief casts doubt that a deal can avert delisting of New York-listed Chinese stocks

SEC chairman Gary Gensler said he is “not particularly confident” that the longstanding auditing spat between the US and China can be reached soon

“Good-faith” negotiations continue, but “there is a risk there,” he said

Source: Bloomberg

https://www.scmp.com/business/article/3 ... type=sport

[winston]

US to start audits of Chinese e-commerce giants

Selected Alibaba (9988) and Baidu (9888) among other US-listed Chinese companies for audit inspection starting this month in Hong Kong.

JD.com (9618) and NetEase (9999) along with Yum China (9987) have been notified that they are among the first batch of Chinese companies whose audits will be inspected in Hong Kong.

Source: The Standard

https://www.thestandard.com.hk/section- ... rce-giants

[behappyalways]

22.08.30【豐富│東南西北龍鳳配】Pt.2 香港昏迷不醒！北京焦急萬分！
https://m.youtube.com/watch?v=CJBPQHTvwoY

[winston]

US Said to Start Checking 1st Batch of CN ADRs' Audit Papers, Whole Process to Take 8-10 Weeks

US Securities and Exchange Commission (SEC) Chair Gary Gensler revealed that the staff of Public Company Accounting Oversight Board (PCAOB) are expected to start today (19th) checking the audit papers of Chinese concept stocks listed in the US, as Global Times cited foreign reports.

Gensler said that the whole process will take 8 to 10 weeks, and the results may be available in early December 2022.

US regulators had purportedly selected BABA-SW, NTES-S (09999.HK), BIDU-SW (09888.HK), JD-SW (09618.HK) and YUM CHINA-S (09987.HK) as the first batch of Chinese ADRs for audit inspection.

Source: AAStocks Financial News

[winston]

China sends regulators to Hong Kong to assist U.S. audit inspection-sources

A China-U.S. agreement last month allows U.S. regulators, for the first time, to inspect China-based accounting firms that audit New York-listed companies, a major step towards resolving an audit dispute that threatened to boot more than 200 Chinese companies from U.S. exchanges.

State-owned China Southern Airlines and data centre company GDS Holdings are among the U.S.-listed Chinese companies for audit inspection in the Asian financial hub, two separate sources said.

The whole inspection process will last about eight to 10 weeks, said two of the four sources, in line with comments by U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in a meeting with lawmakers last week.

The onsite inspections by the PCAOB are being conducted in the Hong Kong offices of the selected Chinese companies' audit firms, said two of the sources.

The PCAOB will spend the first week inspecting the auditors' compliance and internal control systems and move to review the audit working papers of selected companies from the second week, they added.

Source: Reuters

https://www.thestandard.com.hk/breaking ... on-sources

[winston]

Audit breakthrough fails to lure investors into China ADRs

by Summer Zhen

The Nasdaq Golden Dragon Index, which tracks them, has fallen more than 14%.

"We had been through probably three cycles of optimism in 2022. Every time, there's another wind comes in that nobody could have seen".

"First was the war, then we had Pelosi's trip to Taiwan, and now we have inflation".

One-fifth of the short bets were covered by hedge funds during the quarter.

Source: Reuters

https://finance.yahoo.com/news/audit-br ... 42893.html

[winston]

Invesco: CN ADRs' Delisting Risk Eases

An audit report on Chinese ADR companies is anticipated to soon be released by the U.S., after the country's audit regulators completed the on-site inspection of audit papers of the Chinese firms in Hong Kong ahead of schedule, said David Chao, Global Market Strategist, Asia Pacific (ex-Japan) at Invesco.

Chao remarked that the risk surrounding the potential delisting of Chinese ADR firms has been alleviated to a certain extent and believed that Chinese and U.S. authorities will be able to reach a mutually-agreeable solution that could placate the rattled market sentiment.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[behappyalways]

Chinese Stocks Jump After US Watchdog Reaches Audit Breakthrough
https://www.zerohedge.com/markets/chine ... eakthrough

[winston]

US speeds up timeline in delisting threat for Chinese companies

Congress on Friday (Dec 23) passed legislation to speed up the timeline for kicking companies off the New York Stock Exchange and Nasdaq if Washington regulators can’t fully review their audit work papers.

Source: Bloomberg

https://www.businesstimes.com.sg/intern ... -companies

[behappyalways]

China's listing in the United States is miserable! Investors lose confidence in China's economy. 23% of China's employed population set off a wave of "emperor food", which may overwhelm China's finance

中在美上市中概股慘! 投資者失去對中國經濟信心 中國23%就業人口掀起吃"皇糧"潮 恐壓垮中國財政│記者 林芷綺│【國際大現場】20230426│三立新聞台

https://m.youtube.com/watch?v=V1tDAt9ytis