Senate passes bill on oversight of Chinese companies, Alibaba shares move lower. The bill would require companies to certify that “they are not owned or controlled by a foreign government.”
The legislation also stipulates that if American regulators are unable to inspect the company’s audits for three consecutive years, the firm’s securities will be banned.
Alibaba Group (BABA), Tencent, Luckin Coffee, Baidu and other Chinese stocks fell on Wednesday, but closed well off intraday lows, as the U.S. Senate passed a bill that could eventually put their U.S. exchange listings at risk. The bill doesn't appear to threaten near-term consequences. Delistings, should it come to that, would happen after three years of noncompliance with U.S. accounting oversight rules.
Source: cnbc.com/2020/05/20/senate-passes-bill-on-oversight-of-chinese-companies-alibaba-shares-move-lower.html
#alibabastock #jdstock #tencentstock
The legislation also stipulates that if American regulators are unable to inspect the company’s audits for three consecutive years, the firm’s securities will be banned.
Alibaba Group (BABA), Tencent, Luckin Coffee, Baidu and other Chinese stocks fell on Wednesday, but closed well off intraday lows, as the U.S. Senate passed a bill that could eventually put their U.S. exchange listings at risk. The bill doesn't appear to threaten near-term consequences. Delistings, should it come to that, would happen after three years of noncompliance with U.S. accounting oversight rules.
Source: cnbc.com/2020/05/20/senate-passes-bill-on-oversight-of-chinese-companies-alibaba-shares-move-lower.html
#alibabastock #jdstock #tencentstock
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