Categories: Business

Trump companies tighten list of listed Chinese companies in America, Trump administration plans to conduct audit

Photo: PTI

Trump administration seeks crackdown on Chinese companies listed in US

Washington The Trump administration is working on a plan to launch a major campaign against listed Chinese companies in the US. According to media reports, the US stock market is set to clamp down on Chinese companies that do not comply with the Amazon audit rules. According to the news published in The Wall Street General, Chinese companies listed on US stock exchanges such as the New York Stock Exchange and Nasdaq will be audited or delisted by the US regulator.

According to the report, Chinese auditors will have to hand over all their documents to the US government-controlled special audit regulator Public Company Accounting Oversight Board. According to an official of the Department of Treasury and Securities and Exchange Commission, all Chinese companies that are not listed yet, but are planning to launch IPOs in the US, will now have to comply with this rule.

Earlier in May, a law was passed in the US Parliament, according to which Chinese companies that do not ensure compliance with the rules within three years will be delisted. President Donald Trump has granted Tiktok until 15 September. Till then it can either be sold by an American company or it can consolidate its business. Last month, the US also ordered the closure of the Embassy in Huston from China. The US alleges that the Chinese embassy is the center of espionage.

This post was published on August 7, 2020 12:00 pm

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