President Donald Trump last week signed into law the Holding Foreign Companies Accountable Act, which will delist Chinese companies from US stock exchanges if they fail to comply with US auditing oversight rules within three years. It will reportedly affect almost all Chinese firms listed on US exchanges, none of which now comply with US auditing rules.
The law applies to all foreign companies listed on US stock exchanges but is being directed at Chinese firms, especially Huawei Technologies, TikTok, and WeChat.President Donald Trump last week signed into law the Holding Foreign Companies Accountable Act, which will delist Chinese companies from US stock exchanges if they fail to comply with US auditing oversight rules within three years. It will reportedly affect almost all Chinese firms listed on US exchanges, none of which now comply with US auditing rules.#
While most other foreign companies on US exchanges are already in compliance, Chinese companies are not so because Chinese law reportedly prohibits them from doing so, according to global newswires.
The United States had earlier this month passed an order that blocked imports of cotton textiles from China.
As per a congressional report by the US-China Economic and Security Review Commission, as of October 2, 217 Chinese firms with a combined market capitalisation of USD 2.2 trillion were listed on major US stock exchanges.
Fibre2Fashion News Desk (DS)
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
