presidentDonald TrumpThe “The Holding Foreign Companies Accountable Act” signed on Friday, a new law that may remove shares of Chinese companies fromUS stock market If the standard of auditing is not followedaccount US Public Accounting Oversight Board (PCAOB) within 3 years.
The law would also prohibit foreign companies from listing on the US stock market. Failure to comply with US PCAOB auditing 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
Foreign Ministry spokesman Hua Chunying said in a press conference on Dec. 3. 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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