Produced by: MOS Video Department
On May 24, YJ Fischer, director of the International Affairs Division of the US Securities and Exchange Commission (SEC), delivered a speech at the annual meeting of the International Council of Securities Associations (ICSA), stating that all the Communist China concept stocks that fail to complete compliance audits before November, would be delisted by early 2023.
Fisher said there are about $1.7 trillion worth of Chinese securities listed on the US exchanges. Since the Holding Foreign Companies Accountability Act (HFCAA) was signed into law, the Chinese Communist Party (CCP) and the Hong Kong Government have managed to hinder the investigation and audit by the US Public Company Accounting Oversight Board (PCAOB) on Chinese concept stocks.
Last December, the SEC passed amendments to accelerate the HFCAA’s trading ban from three consecutive years to two consecutive years. This means that nearly 200 Chinese companies, including Alibaba, Weibo, JD.com, and Baidu, will face trading bans in 2023, and these companies will no longer be able to access the US capital market because they do not meet US regulatory requirements.
Miles Guo stated in the Getter video on the 25th that the CCP prohibits Chinese companies from selling stocks to force the stabilization of the domestic economy. However, because the Chinese government refused to cooperate with the relevant audit investigation, the Chinese concept stocks will be forcibly delisted by the SEC.
Posted by: 谐趣园
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