Edition and Translation : Jenny Ball
According to YJ Fischer, director of the SEC’s International Affairs Department, the US and (CCP) China have discussed audit compliance of US-listed Chinese companies, but the US and China still have “major problems” in the inspection and investigation of audit papers. “Time is ticking,” he added.
Fischer told the annual meeting of the United States Public Company Accounting Oversight Bureau (PCAOB) on Tuesday that even if the United States and China sign an audit compliance agreement in the future, audit inspections and investigations can be conducted in mainland China and Hong Kong, satisfying only the first step of PCAOB statutory requirements.
To meet the US deadline for delisting non-compliant Chinese concept stocks in early 2023, the U.S. and China must reach an agreement by November 22 to complete the auditing of relevant US-listed Chinese companies.
Fischer stated that if Chinese companies are deemed too sensitive by Chinese authorities and are unable to comply with US regulations, voluntary delisting from US exchanges may be considered if the issuer or Chinese authorities so desire.
Comments: Miles Guo warned the world in 2018 that all Chinese stocks listed in the United States would be delisted. How many people heeded his warning? Miles has always said that the most important things in a person’s life are determined by one or two good decisions!
Link of the source article: hk.epochtimes.com