The U.S. accounting watchdog on Thursday said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges.
The statement from the Public Company Accounting Oversight Board marks a victory for U.S. regulators and a relief for Chinese firms, including Alibaba, facing delisting amid rocky relations between the world's largest economies. Washington and Beijing have been locked in a heated trade and technology war.
U.S.-listed shares of Chinese companies started trading higher amid the news, but gave up gains due to broader financial market pressure. Investors and attorneys have been awaiting news from the PCAOB on whether U.S. inspectors received the access promised.during the seven-week inspection.In separate news on Thursday, the Biden administration added Chinese memory chipmaker YMTC and 21 "major" Chinese players in the artificial intelligence chip industry to a trade blacklist, broadening its crackdown on China's chip industry.
PCAOB staff identified "numerous potential deficiencies" in their inspection work, the board's chair said, saying the inspection reports will be finalized and made public next year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Meheco to distribute Pfizer's COVID treatment in ChinaChina Meheco Group Co Ltd said on Wednesday it signed an agreement with Pfizer Inc to import and distribute the U.S. drugmaker's oral COVID-19 treatment Paxlovid in mainland China, as the country braces for a surge in COVID patients after scaling back its 'zero COVID' policy.
Read more »
US toughens restrictions on Chinese tech firms linked to military | CNN PoliticsThe United States added a major Chinese chipmaker and dozens of other Chinese companies to a trade blacklist Thursday as it works to restrict Beijing's high-tech and artificial intelligence industries.
Read more »
WATCH: Trump teases 'major announcement' coming ThursdayFormer President Donald Trump, who has already announced a run for the White House again in 2024, apparently has more news to share.
Read more »
Chinese firms avert delisting risk as U.S. watchdog gets 'full access' in audit inspectionsThe U.S. Public Company Accounting Oversight Board on Thursday said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges.
Read more »
China vows 'strong' counter-measures over Manchester incidentThe Chinese foreign ministry said on Thursday that 'strong and forceful counter-measures' will be taken after accusing Britain of failing to protect Chinese staff at the Chinese consulate in Manchester during a protest in October.
Read more »