Jojo, Toronto Maple Leaf Farm
• The U.S. House is set to vote on bipartisan legislation, The Holding Foreign Companies Accountable Act (S. 945), that would impose restrictions on Chinese companies listed on U.S. exchanges, including requiring certification that they are not under the control of a foreign government.
o S. 945 will be considered Wednesday, which requires approval by two-thirds of members present and voting to pass under an accelerated process typically used for non-controversial matters, which signals the support from democrats and interest groups. This bill will get passed 100%.
o The legislation holds that if a company can’t show it’s not under the control of a foreign government, or the Public Company Accounting Oversight Board (PCAOB) isn’t able to audit the firm for three consecutive years, the company’s securities would be banned from U.S. exchanges.
o Those Chinese companies will be delisted, because they are all under control by the Chinese Communist Party (CCP), plus their financial information is fraudulent.
o Once the U.S. passes this bill, Western countries will follow suit. And the U.S. will go after these Chinese companies to collect the money they scammed.
• Hong Kong leader Carrie Lam has said she keeps “piles of cash” at home because she has no bank account after the U.S. imposed sanctions on her in response to the crackdown on free speech and political freedoms in the city. Such a statement confirmed that the Hong Kong government, the Hong Kong Monetary Authority (HKMA), and related banks had violated the U.S. sanctions order. The U.S. will hold them all accountable and may issue more sanctions against the Hong Kong government.
o Mr. Lu De says that Carrie Lam’s only solution is come to the U.S. and testify against the CCP.