, when China’s Luckin Coffee, which trades on the Nasdaq, said employees fabricated millions of dollars in sales.
Pressure is also mounting from Congress, with the Republican-led Senate passing a bill that if signed into law would bar any foreign company from listing its shares on any U.S. securities exchange if it has failed to comply with the PCAOB’s audits for three consecutive years. Rubio has said he is preparing a bill to ban Chinese companies from U.S. capital markets if they engage in spying, human rights abuse or support China’s military.
In the letter, Rubio also urged the officials to recommend bolstering legal options for U.S. investors defrauded by Chinese companies. Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines.
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