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Chinese tech stocks fall as U.S. SEC begins rollout of law aimed at delisting

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Shares in dual-listed Chinese companies fell sharply in Asia after the U.S. securities regulator adopted measures that would kick foreign companies off American stock exchanges if they do not comply with U.S. auditing standards

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

The rules also require firms prove to the SEC they are not owned or controlled by an entity of a foreign government and to name any board members who are Chinese Communist Party officials, the SEC said in a statement Wednesday. Baidu Inc shares - which debuted Tuesday - dropped 10.45% in early Thursday trade, Alibaba Group Holding Ltd slipped 5.3%, JD.Com Inc fell 5% and Netease Inc was down 4.1%.

DailyFX strategist Margaret Yang said the Chinese-listed stocks were also under pressure after it was reported that China was considering creating a state-backed joint venture with domestic tech firms to oversee user date. The SEC is now seeking public comments on a process for identifying companies that fail to meet the standards.

 

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Thank God the USA is kicking off dictatorship country's stocks out of the USA stock market.

Nice to see regulators actually regulating....

“The rules also require firms prove to the SEC they are not owned or controlled by an entity of a foreign government and to name any board members who are Chinese Communist Party officials” SEC 要求所有在美上市公司披露是否由中共政府拥有，董事会里是否有中共党员👍

Long.......overdue

🤔 interesting

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