After a seven-week onsite inspection, on November 4, the Public Company Accounting Oversight Board (PCAOB) concluded its audit of CCP-linked companies in Hong Kong listed in the U.S.. It is reported that although the PCAOB audit has been finished, the review will continue. In accordance with standard review procedures, U.S. regulators will seek more information upon their return. The audit will not be officially concluded until the PCAOB issues a final report confirming whether CCP-owned companies will be allowed to enter the U.S. market. This process is expected to be completed within a few weeks.
For more than a decade, U.S. regulators have been requesting access to audit documents of U.S.-listed Chinese state-owned companies, but Communist China government has always used national security as an excuse to refuse audit inspections, until August of this year, both countries finally reached agreement on audit inspections. In September, U.S. began conducting on-site audits on CCP-linked Companies, including e-commerce Alibaba Group and Yum China Holdings Inc.
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