While tensions eased last week when the Public Company Accounting Oversight Board (PCAOB) said for the first time it had been given sufficient authority to review audit files of companies in China and Hong Kong, officials said they would continue to focus on the issue.
Moreover, the U.S. Congress passed legislation last Friday that would speed up the timetable for companies to be kicked off the New York Stock Exchange and Nasdaq if U.S. auditors fail to complete their audits within the stipulated time. The new legislation shortens the delisting process from three years to two and could affect about 200 Hong Kong and mainland Chinese companies that trade on U.S. exchanges.
Republican Senator John Kennedy of Louisiana, who pushed for the change, said in a statement that he had been pushing for more accountability for foreign companies using U.S. capital. Regulators finally have the power to “remind the CCP that compliance with the rules is not optional.”
The White House also expressed its view that President Joe Biden will soon sign the legislation into law.
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