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SEC gives Chinese companies new requirements for US IPO disclosures

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WASHINGTON: The US Securities and Exchange Commission (SEC) has started to issue new disclosure requirements to Chinese companies seeking to list in New York as part of a push to boost investor awareness of the risks involved, according to a document reviewed by Reuters and people familiar with the matter.

Some Chinese companies have now started to receive detailed instructions from the SEC about greater disclosure of their use of offshore vehicles known as variable interest entities for IPOs; implications for investors and the risk that Chinese authorities will interfere with company operations.

"Please describe how this type of corporate structure may affect investors and the value of their investment, including how and why the contractual arrangements may be less effective than direct ownership, and that the company may incur substantial costs to enforce the terms of the arrangements," said one SEC letter seen by Reuters.

"Refrain from using terms such as 'we' or 'our' when describing activities or functions of a VIE," the letter stated.The SEC has also provided disclosure requirements pertaining to the risk of Chinese regulators intervening with company data security policies, the sources said. Last month, just days after the blockbuster IPO of Didi Global, Chinese regulators banned the ride-sharing giant from signing up new users.

 

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The same SEC who cannot solve the Bernie Madoff case even when it was practically given to them.

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