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248 Chinese Companies with Off-Limit Audits and a Market Cap of Over $2.1 Trillion Are Listed on U.S. Exchanges – Now Congress Demands Action fr | |
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Offer Upgrade User ID: 44411968 United States 09/13/2021 10:45 PM Report Abusive Post Report Copyright Violation | 248 Chinese Companies with Off-Limit Audits and a Market Cap of Over $2.1 Trillion Are Listed on U.S. Exchanges – Now Congress Demands Action fr Just imagine if the CCP suddenly "pulled it". 248 Chinese Companies with Off-Limit Audits and a Market Cap of Over $2.1 Trillion Are Listed on U.S. Exchanges – Now Congress Demands Action from the SEC Full article: [link to wallstreetonparade.com (secure)] For the past 19 years, China has been stonewalling U.S. regulators over access to the work papers of auditors of publicly traded companies that are based in China but listed on U.S. stock exchanges. China takes the position that these audit work papers hold state secrets and it prohibits audit firms from releasing the documents directly to U.S. regulators, effectively gutting U.S. law. Finally, last December, Congress addressed the long brewing problem. Both houses of Congress unanimously passed legislation called the Holding Foreign Companies Accountable Act. The legislation requires that the Securities and Exchange Commission (SEC) identify companies that are listed in the U.S. which the Public Company Accounting Oversight Board (PCAOB) cannot “inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.” The legislation also requires the listed companies to provide documentation showing that they are not owned or controlled by a governmental entity. It also requires that the SEC prohibit the trading of the company’s stock in the U.S. if its audits cannot be inspected for three consecutive years. Unfortunately, according to the U.S.-China Economics and Security Review Commission (USCC), an independent U.S. government agency, the horse left the barn a long time ago. The USCC reports that as of May 5 of this year, “there were 248 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.1 trillion.” Those exchanges are the NASDAQ, New York Stock Exchange, and NYSE American (formerly the American Stock Exchange). The USCC also reports that among the 248 Chinese companies listed on exchanges in the U.S. are eight companies that are “national-level Chinese state-owned enterprises.” State-owned companies in China are controlled by the Chinese Communist Party (CCP). (That Americans are unwittingly raising capital to fund state-owned or state-controlled companies in China is nothing short of breathtaking.) According to the USCC, those eight Chinese state-owned companies are: (tickers in parenthesis): China Life Insurance Company Limited (LFC); PetroChina Company Limited (PTR); China Petroleum & Chemical Corporation (SNP); China Southern Airlines Company Limited (ZNH); Aluminum Corporation of China Limited (ACH); China Eastern Airlines Corporation Ltd. (CEA); Huaneng Power International, Inc. (HNP); and SINOPEC Shanghai Petrochemical Company, Ltd. (SHI). As of yesterday’s closing prices in New York, the combined market cap of these eight companies was $348.65 billion, with PetroChina Company Limited commanding $121 billion of that total. The U.S. listed Chinese companies, including the eight owned by the Chinese government, had their Initial Public Offerings (IPOs) underwritten by some of the biggest names on Wall Street, including JPMorgan Chase, Morgan Stanley, Goldman Sachs, and Citigroup, among others. In addition, Wall Street underwriters always have counsel advising them on IPOs – typically from the biggest law firms in the U.S. Butthurt? Click 'Add to Ignore List' under my username Si vis pacem, para bellum VACCINES ARE THE LEADING CAUSE OF COINCIDENCES 'Your user name here makes me want to punch you in the fucking face, you sick fucking diseased cunt' Quoting: Anonymous Coward 8100888 |
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