Trump administration officials have urged the president to delist Chinese companies that trade on U.S. exchanges and fail to meet U.S. auditing requirements by January 2022, SEC and Treasury officials said
FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin, wearing a face mask, walks with news reporters, following a series of meetings with members of Congress on Capitol Hill in Washington, U.S. July 21, 2020. REUTERS/Tom Brenner/File Photo
“We are simply leveling the playing field, holding Chinese firms listed in the U.S. to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report. They can also provide a “co-audit,” for example, performed by a U.S. parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
“The current situation is that some U.S. monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation - they are trying to force Chinese companies to delist from U.S. markets,” foreign ministry spokesman Wang Wenbin told a media briefing.The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on U.S. exchanges.
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