China planning new strategy to avoid US delistings: Report
Alibaba group
According to reports, Chinese authorities are preparing a system of intricate compliance methods to ensuretheir companies arenot delisted by American regulators.
The Financial Times reported the move will allow US regulators to audit Chinese companies after the US insisted on transparency from Chinese and Hong Kong firms listed in the United States.
Also Read:US asks Chinese companies to comply or face delisting from Wall Street
The report claimed Chinese authorities have decided to divide the US-listed companies into three categories based on the sensitivity of data. The categories include those which contain secret data, companies with sensitive data and others which hold non-sensitive material.
In May, shareholders of Chinese ride-hailing giant Didi Global had voted to delist the company in New York after Chinese authorities hadlaunched cybersecurity investigations against the company. Many Chinese companies listed in the US, including Alibaba, have opted to holdinitial public offerings in Hong Kong as American authorities have stepped up scrutiny of Chinese firms.
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The FT report claimed Chinese officials have discussed plans on whether companies in the sensitive data category could restructure operations to comply with US regulations as Bejing seeks to give US auditors more information on companies listed in the United States.
China has often refused to divulge details on companies citing national security issues. US officials have insisted that Chinese firms should give information about their operations to auditors or risk being delisted with mass delisting on the anvil in 2024 if Chinese firms do not comply.
(With inputs from Agencies)
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