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![]() ![]() Section 6: International Subject: China virus Msg# 1096897
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By the way, that pending delisting of some China companies from the US exchanges, could benefit the Hong Kong stock exchange, as those companies look for alternatives.
Its an ill wind that . . . . |
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For reference, the above message is a reply to a message where: Bob I think you've now alerted a lot of folks here to an interesting issue for investors. And the Congress has been listening to complaints from that (obscure) PCOB (Public Company Oversight Board) Both houses of congress have worked on the issue, of asserting better controls over China companies listed on U.S. stock exchanges. And some of the Dem names favoring such bills will surprise you -- Senator Chris Van Hollen (D-Md), & Repr Brad Sherman (D-Cal) also along with Senator John Kennedy (R-Lou) Excerpt: "Alarm has grown in particular that American money is bankrolling efforts by the country’s [China's] technology giants to develop leading positions in everything from artificial intelligence and autonomous driving to internet data collection. . . . Publicly listed companies should all be held to the same standards, and this bill makes common sense changes to level the playing field and give investors the transparency they need to make informed decisions,” Van Hollen said in a statement. “I’m proud that we were able to pass it today with overwhelming bipartisan support, and I urge our House colleagues to act quickly.” (bold added) The bill calls for delisting the China companies from US stock exchanges which have shoddy audit practices. One flagrant abuse was found where the China-based Luckin Coffee's executives admitted fabricating $310 million in sales between April and December 2019. The House is now working on the Bill, which passed the Senate unanimously. Seems that some investors could take a hit, if involved in such international holdings. Thanks Bob for opening this discussion. Tom |