The draft rule, announced by the China Securities Regulatory Commission, is Beijing's latest attempt to resolve a long-running audit dispute with Washington that could lead to roughly 270 Chinese companies being forced to delist from U.S. exchanges in 2024.
China's updated rules will scrap requirements that on-site inspection of overseas-listed Chinese companies be conducted mainly by Chinese regulators. That could open the door to inspections by U.S. regulators, who demand complete access to such firms' audit working papers, which are stored in China. The draft makes clear that Chinese companies are responsible for information security in overseas listings.Reporting by Reuters Shanghai and Beijing newsroom; Editing by William Mallard
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U.S.-listed Chinese stocks jump after China reportedly considers sharing company auditsBeijing regulators are working to give U.S. authorities complete access to audits of Chinese companies listed publicly in New York, Bloomberg reported Friday. I will never invest in any Chinese stocks again
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