Business
Under pressure: SEC move threatens Chinese companies’ access to US capital – Sydney Morning Herald
The US sharemarket regulator plans to kick Chinese companies from Wall Street unless they allow its inspectors to audit their auditors.
Chinese companies have been listing in the US since the early 1990s, but in 2009 its authorities issued a directive restricting the ability of overseas regulators to supervise auditors based in China. Any foreign regulator wanting to inspect the accounts of a Chinese company has to obtain the approval of the Chinese authorities. The reason given for the directive was “national security”.
There has been a lot of to-ing and fro-ing between the US and China over the issue since then, but two developments…
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