 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by AFP Staff Writers Washington (AFP) July 30, 2021
The top US stock regulator responded Friday to Beijing's crackdown on big business by announcing new reporting requirements for Chinese shell companies listed on American exchanges. The announcement comes in the wake of Beijing's recent steps to tighten the leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets. In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas. The requirements focus on offshore shell companies known as Variable Interest Entities (VIEs). "I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement. "In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies." He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined. China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings. Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.
US warns of 'growing risks' for business in blow to Hong Kong Washington (AFP) July 16, 2021 The United States on Friday warned its business community of growing risks of operating in Hong Kong due to China's clampdown, as an increasing number of Western companies consider abandoning the historic financial hub. The United States also imposed sanctions on seven more Chinese officials in Hong Kong as it vowed there would be a price for Beijing's imposition of a draconian security law a year ago. "Beijing has chipped away at Hong Kong's reputation of accountable, transparent governance and ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
