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| Trump intensifies oversight of Chinese companies in the United States |
US President Donald Trump has ordered U.S. regulators to suggest ways to tighten control over Chinese companies listed on the New York Stock Exchange. The largest US company will be listed in market value over the next 60 days, and tensions between Washington and Beijing will continue in financial and trade relations.
In a report issued by the White House, Trump said: "Despite China's gains in the American market, the Chinese government prevented Chinese companies and companies that deal in China from making promises to protect investors for the American listing. Of all companies."
The entry of Chinese companies into the US capital market has become the last point of disagreement between Washington and Beijing, as the two countries fought a war over the future of Hong Kong and the Coronavirus, as well as the commercial epidemic, sparking disputes over the secession of the world's two largest economies.
The US Senate passed a bill last month that could force Chinese companies out of the New York Stock Exchange after failing to meet US regulatory standards for three consecutive years. Many Chinese technology companies require Hong Kong to be added to the secondary list.
NetEase, the second largest gaming company in China, set its price at $ 15.86. This means that NetEase will bring about $ 2.7 billion in peak sales, making it the largest company meeting companies in Hong Kong so far this year.
JD.com (JD.com) is the second largest online shopping platform in China, and has started selling its shares in Hong Kong to raise up to $ 4.3 billion.
The United States accuses Chinese companies of suspicious accounting practices and lack of transparency. Given the recent cases of accounting fraud (such as Luckin Coffee), actions against Chinese companies have increased and the company acknowledges that executives have outperformed sales.
Secretary of State Mike Pompeo urged the global stock market to tighten laws and tighten control over Chinese companies.
According to the White House memo, Trump instructed the Chief Financial Market team, headed by Treasury Secretary Stephen Mnuchin, to make recommendations to protect investors from Chinese companies listed in the United States within 60 days. Fraud violation.
"Drastic measures must be taken to end China 's violation of US transparency requirements without hurting investors," Trump said. The memo added that the Chinese government prevented accounting firms registered with the United States' General Auditing Committee from reviewing the company's lists of audit records. .
It is worth noting that Hong Kong, with a production value of $ 40.24 billion last year, was the largest registration destination in the world and the fifth largest registration destination in the world. Today, this year.