Donald Trump signs law that could delist Chinese firms from US stock exchanges ANI | Updated: Dec 19, 2020 15:56 IST
Washington [USA], December 19 (ANI): US President Donald Trump signed into law on Friday the Holding Foreign Companies Accountable Act, which will delist Chinese companies from American stock exchanges.
The new trading law will affect nearly all Chinese firms listed on US exchanges, none of which now comply with the US auditing rules, reported South China Morning Post (SCMP).
The law will remove Chinese firms from American stock exchanges if they fail to comply with US auditing oversight rules within three years.
The law applies to all foreign companies listed on US stock but is being directed at Chinese firms, especially Huawei Technologies, TikTok, and WeChat.
Trump signs bill that could kick Chinese firms off U.S. stock exchanges The Holding Foreign Companies Accountable Act bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board s audits for three years in a row.
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President Donald Trump departs on travel to West Point, New York from the South Lawn at the White House in Washington, Dec. 12, 2020. REUTERS/Cheriss May/File Photo
WASHINGTON, Dec 18 (Reuters) - President Donald Trump on Friday signed legislation that would kick Chinese companies off U.S. stock exchanges unless they adhere to American auditing standards, the White House said.
Trump Signs Bill That Could Remove Chinese Firms Off US Stock Exchanges Trump Signs Bill That Could Remove Chinese Firms Off US Stock Exchanges The legislation, like many others taking a harder line on Chinese businesses, had passed Congress by large margins earlier this year.
Donald Trump has railed against China for what he calls unfair trading practices. (File)
Washington:
President Donald Trump on Friday signed legislation that would kick Chinese companies off US stock exchanges unless they adhere to American auditing standards, the White House said, giving the Republican one more tool to threaten Beijing with before leaving office next month.
Trump signs new trading law to delist Chinese firms australiannews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from australiannews.net Daily Mail and Mail on Sunday newspapers.
According to the bill, foreign businesses should be audited by US regulators
WASHINGTON, December 19. /TASS/. US President Donald Trump has signed the bill which particularly aims to block Chinese companies from US exchanges, the White House said in a statement. On Friday, December 18, 2020, the President signed into law the ‘Holding Foreign Companies Accountable Act’, the White House noted. According to the bill, foreign businesses should be audited by US regulators.
Beijing slams this bill as discriminatory and says that it seeks to create obstacles for Chinese companies’ listings on US exchanges. Such measures by Washington can push Chinese companies from the US market and can affect interests of US investors, China says.