It’s reported on July 24 Beijing has made concessions as 260 of Communist China’s largest companies face delisting from the U.S. market by 2024. China has developed strategies to prevent Chinese companies from being delisted from U.S. financial markets.
The strategy, “three categories,” divides companies into groups based on the sensitivity of the data they hold. It brings the businesses in compliance with U.S. rules that require public companies to allow regulators to inspect their audit files. U.S. regulators will be allowed full access to audit the companies in April, a concession from Beijing to remove obstacles.
China revised a rule limiting data-sharing practices by overseas companies, and Beijing and Washington had stalled talks for months over the U.S. requiring Chinese companies and their auditors should make detailed audit documents available or be delisted in 2024.
U.S. officials doubt whether Chinese companies meet the standards set out in the 2020 Holding Foreign Companies Accountable Act, which requires Chinese and Hong Kong companies to disclose their audit documents.
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