China to change confidentiality rules involving companies' offshore listings

📆 4/2/2022 5:55 AM
📰 Reuters

⏱ Reading Time:
26 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to Sino-U.S. cooperation on audit oversight while putting the onus on Chinese companies to protect state secretes.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: CNBC - 🏆 12. / 72 Read more »