NEW YORK: The US securities regulator will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering in their businesses, the agency said on Friday, confirming an exclusive report by Reuters.
Deal flows slowed substantially this month after Chinese regulators banned ride-sharing giant Didi Global from signing up new users just days after its blockbuster IPO. They followed up with crack-downs on technology and private education companies. These should include that investors face"uncertainty about future actions by the government of China that could significantly affect the operating company’s financial performance" and the enforceability of certain contractual arrangements.
The agency has been under intense pressure from US lawmakers to take a tougher line. A group of senators including Republicans John Kennedy and Bill Hagerty wrote to Gensler this week urging"thorough investigations of US listed Chinese companies' concerning lack of transparency." No major U.S. IPO of a Chinese company is in the works following Didi, as the business community in China tries to come to grips with the regulators' intentions.
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