Breakingviews - Audit deal will leave traders with China dregs

The average Chinese company on U.S. bourses is down roughly three quarters from its IPO price, per Refinitiv data, and many are lightly traded. Some are yesterday’s theme stocks like Renren , once touted as China’s Facebook. Others, like the cluster of online tutoring providers, are victims of regulatory change that make their business models unviable. There is also a crowd of names most Americans have never heard of. Many have small free floats making them prone to abuse.

The profile of the average company Beijing is likely to leave on American boards will have no key technology, no strategic role to play, and minimal user data. Chinese investors won’t want for them.Beijing and Washington on Aug. 26 signed a pact to allow U.S. regulators to vet accounting firms in China and Hong Kong.

Regulators in the United States have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let overseas regulators inspect its accounting firms, citing national security concerns.Editing by Una Galani and Thomas Shum

Source: News Formal (newsformal.com)

petesweeneypro Never trust or invest in the CCP in China and their corporations or debt.

petesweeneypro Good for $baba

ReutersChina petesweeneypro Never trust or invest in the CCP in China and their corporations or debt.

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