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Trump expected to sign bill that could prevent some Chinese firms from listing on U.S. exchanges

Trump expected to sign bill that could prevent some Chinese firms from listing on U.S. exchanges

U.S President Donald Trump is expected to sign a bill that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they adhere to U.S. auditing standards, the White House said on Wednesday.

The bill, which passed the Senate earlier this year and was approved by the House of Representatives on Wednesday, could hit companies such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd.

If signed into law, the measure would give Chinese companies listed on U.S. exchanges three years to comply with U.S. auditing rules before being removed from U.S. markets.

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Published at Thu, 03 Dec 2020 13:45:43 +0000

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Written by Riel Roussopoulos

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