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CLAIM ID

36a833e5

Chinese companies could be delisted in the U.S. for being under the control of a foreign government.

A bill passed by US Senate confirms Chinese companies could be delisted in the US for being under the control of a foreign government.

A bill passed by US Senate confirms Chinese companies could be delisted in the US for being under the control of a foreign government.PCAOB had stated that public companies in the U.S. have to periodically file audited financial statements with the U.S. Securities and Exchange Commission. But, Chinese authorities impeded their ability to oversee PCAOB-registered audit firms in mainland China and Hong Kong and do not comply with certain U.S. legal requirements.

Given this, a bill was presented by Republican Senator John Kennedy and others. The Holding Foreign Companies Accountable Act restricts securities of a company from being listed on any of the U.S. securities exchanges if the company failed to follow with the PCAOB audits for three years in a row. The bill also requires public companies to disclose whether they were owned or controlled by a foreign government.

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