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On December 18, the Holding Foreign Companies Accountable Act was signed into law. The HFCAA, co-sponsored by Senators John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, amends SOX to prohibit trading on U.S. exchanges of public reporting companies audited by registered public accounting firms that the PCAOB has been unable to inspect for three sequential years. The HFCAA also requires substantial action by the SEC to implement it. As I noted in my previous post about the bill (see this PubCo post), it was unclear how the bill would affect or interact with the proposal on this same topic that the SEC staff have been working on, which had been expected this month (see this PubCo post and this PubCo post). Now, SEC Chair Jay Clayton has issued a statement clarifying the situation.
Tue, 22 December 2020 | Written By: Alec Malloy
Alec Malloy is a content writer with over 7 years’ experience spanning a range of commercial sectors.
What are the risks to investing in Chinese stocks in 2021?
Equities
China’s main stock markets soared to a collective $10 trillion earlier in 2020, which has caused investors to turn to their gaze eastward. But should you be trading or investing in Chinese stocks in 2021?
Should you invest in Chinese shares?
The case for Chinese stocks
China is the world’s second-largest economy, and the only large economy to forecast positive growth in 2020. The IMF forecasts China’s GDP to grow 1.2% by the end of 2020, although the figure may actually be closer to 2%. October’s World Bank report puts China’s economy on a growth footing for 2021 too, forecasting total GDP growth of 7.9% by the close of next year. Despite being the first country officially hit by Covid-19,
China slams U S signature of bill barring Chinese firms from U S stock market china.org.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from china.org.cn Daily Mail and Mail on Sunday newspapers.
The Mainland China shares advanced on Monday, 21 December 2020, with the Shanghai Composite Index and blue-chip CSI300 index closing higher, as investors cheered Beijing s continued policy support to shore up its economy hurt by the coronavirus crisis. However, market gains capped amid concerns over frictions between the US and China trade spat, Brexit uncertainties and tighter coronavirus lockdowns in some countries.
At closing bell, the benchmark Shanghai Composite Index was up 0.76%, or 25.67 points, to 3,420.57. The Shenzhen Composite Index, which tracks stocks on China s second exchange, added 1.87%, or 42.41 points, to 2,304.98. The blue-chip CSI300 index climbed up 0.94%, or 46.87 points, to 5,046.84.
The Central Economic Work Conference pledged no U-turn in policy support to companies. China will put its focus on eight tasks for the coming year, including strengthening strategic technological innovation, ensuring the control of supply chains and boosting domestic demand.
Headline indices of the Hong Kong stock market finished session lower on Monday, 21 December 2020, as selling on concerns over frictions between the US and China trade spat and rising COVID-19 infections in Britain and parts of North Asia. However, market losses capped amid positive news of U. S. lawmakers accomplishment of an agreement on further stimulus measures to underpin the pandemic-hit economy.
At closing bell, the benchmark Hang Seng Index fell 0.72%, or 191.92 points, to 26,306.68. The Hang Seng China Enterprises Index dropped 0.78%, or 81.51 points, to 10,401.83.
Several European countries closed their borders to the UK as the country entered a tougher lockdown to fight a new strain of coronavirus. Prime Minister Boris Johnson will chair an emergency response meeting on Monday to discuss international travel and the flow of freight in and out of Britain.