{"id":33605,"date":"2020-05-20T18:21:10","date_gmt":"2020-05-20T18:21:10","guid":{"rendered":"https:\/\/virusreports.net\/senate-passes-bill-removing-rogue-chinese-firms-from-us-stock-exchanges\/"},"modified":"2020-05-20T18:21:10","modified_gmt":"2020-05-20T18:21:10","slug":"senate-passes-bill-removing-rogue-chinese-firms-from-us-stock-exchanges","status":"publish","type":"post","link":"https:\/\/virusreports.net\/senate-passes-bill-removing-rogue-chinese-firms-from-us-stock-exchanges\/","title":{"rendered":"Senate passes bill removing rogue Chinese firms from US stock exchanges"},"content":{"rendered":"
\n

Get all the latest news on coronavirus and more delivered daily to your inbox.\u00a0 Sign up here<\/a>.<\/strong><\/p>\n

The U.S. Senate<\/a> has passed a bill boosting oversight of companies based in China<\/a> and other nations that\u00a0could lead to their removal from American stock exchanges.<\/p>\n

The vote on the measure, introduced more than a year ago by Sens. John Kennedy, R-La., and Chris Van Hollen, D-Md., comes as Congress and the Trump administration seek ways to punish Beijing for its initial handling of the COVID-19 pandemic<\/a>.<\/p>\n

First identified in the Chinese province of Wuhan, the disease has infected 4.9 million people and killed more than 324,000. Efforts to curb its spread have halted global growth and sent unemployment in the U.S. spiking to nearly 15 percent, the highest since the Great Depression.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/a><\/strong><\/p>\n

The legislation’s focus on Chinese stocks stems from pre-virus concerns that Chinese firms listed on America\u2019s exchanges are currently not subject to the same investor protection rules and accounting standards as U.S. companies, leaving small retail investors facing a higher risk of fraud.<\/p>\n

The bill<\/a>, which passed on Wednesday, says that if the Public Company Accounting Oversight Board — a nonprofit established by Congress after the WorldCom and Enron scandals of the early 2000s — is denied access to a foreign stock issuer’s books for three years, the Securities and Exchange Commission will prohibit trading in the shares on U.S. exchanges.<\/p>\n

TRUMP GETS TOUGH ON CHINESE STOCKS IN CORONAVIRUS STANDOFF WITH BEIJING<\/a><\/strong><\/p>\n

The legislation tells all the companies in the world\u00a0that “if you want to list on an American exchange, you have to submit an audit and the SEC has the right to look at that audit, and audit the audit,” Kennedy said on the Senate floor. “And if you refuse not once, not twice, but three times —\u00a0if over a three-year period, each of those three years, the company says, ‘You cannot audit my audit,’ then they can no longer be listed.”<\/p>\n

To become law, the measure titled the Holding Foreign Companies Accountable Act would still have to be approved by the Democratically-controlled House of Representatives and signed by the president.<\/p>\n

“After a decade of pounding the tables on the issue of China companies defrauding U.S. investors, we are encouraged to see this bill pass the Senate and we hope it becomes law,” Carson Block, short-seller and founder of Muddy Waters Research, told FOX Business in an emailed statement. “By listing in the U.S., these companies have ready access to U.S. retail investors\u2019 money, and so long as China effectively remains a rogue country for U.S. securities regulation, its companies should not have access to our markets.”<\/p>\n

CHINA’S LUCKIN COFFEE CRATERS AFTER DELISTING THREAT<\/a><\/strong><\/p>\n

Fradulent listings of Chinese companies on U.S. markets have cost investors billions of dollars over the past decade.\u00a0There were\u00a0156 Chinese companies listed on U.S. Exchanges<\/a>\u00a0worth $1.2 trillion as of Feb. 25, 2019, according to the U.S.-China Economic and Security Review Commission.<\/p>\n

Just this week, Luckin Coffee,\u00a0the Xiamen, China-based beverage chain, received a delisting notice from Nasdaq after the company’s chief operating officer was found last month to have fabricated as much as $310 million in sales in 2019.<\/p>\n

Luckin shares debuted on the Nasdaq at $17 apiece on May 16, 2019, and reached a high of\u00a0$50.02 on January 17, valuing the Starbucks challenger at\u00a0as much as $12.02 billion. Its value had\u00a0plummeted to below $700 million on Wednesday.<\/p>\n

China just needs to be “responsible and there needs to be no double standards,” Sen. Martha McSally, R-Ariz., told FOX Business’ Neil Cavuto on Wednesday.\u00a0“If a U.S. company has to meet certain requirements and auditing to be on the New York Stock Exchange, shouldn’t we ask that of Chinese companies as well?”<\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/a><\/strong><\/p>\n

FOX Business’ R.N. White contributed to\u00a0this report.<\/em><\/p>\n<\/div>\n

Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Get all the latest news on coronavirus and more delivered daily to your inbox.\u00a0 Sign up here.The U.S. Senate has passed a bill boosting oversight of companies based in China and other nations that\u00a0could lead to their removal from American stock exchanges.The vote on the measure, introduced more than a year ago by Sens. John…<\/p>\n","protected":false},"author":1,"featured_media":33606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[1633,541],"class_list":{"0":"post-33605","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-passes","9":"tag-senate"},"yoast_head":"\nSenate passes bill removing rogue Chinese firms from US stock exchanges - Virus Reports<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/virusreports.net\/senate-passes-bill-removing-rogue-chinese-firms-from-us-stock-exchanges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate passes bill removing rogue Chinese firms from US stock exchanges - Virus Reports\" \/>\n<meta property=\"og:description\" content=\"Get all the latest news on coronavirus and more delivered daily to your inbox.\u00a0 Sign up here.The U.S. Senate has passed a bill boosting oversight of companies based in China and other nations that\u00a0could lead to their removal from American stock exchanges.The vote on the measure, introduced more than a year ago by Sens. 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