This translation has been automatically generated and has not been verified for accuracy.Chinese companies are putting off plans for U.S. listings as tensions between the world’s top two economies rise, lawyers, bankers, accountants and regulators involved in what has been a major capital-raising route told Reuters.
Chinese groups have raised $1.67 billion via initial public offerings in New York this year and are looking to raise about half billion more on U.S. exchanges, Dealogic data shows.Sino-U.S. relations have nosedived in recent months with the countries, already at odds over trade, now butting heads over the COVID-19 pandemic and China’s proposed national security law for Hong Kong.
The China Securities Regulatory Commission did not respond to requests for comment, while the U.S. Securities and Exchange Commission declined to comment.Listings take at the minimum several months to arrange, involving appointing advisers, preparing a prospectus and obtaining regulatory approvals. The further along the path a company is, the less likely it is to change plans.
But a bill passed by the U.S. Senate which, if signed by President Donald Trump, would require U.S.-listed foreign companies to disclose levels of government control. It would also require that Chinese companies comply with U.S. oversight of their audits or face being delisted.“For U.S.
globeinvestor Good. Crawl back to China and. Stay down. Good dog 🐕