Senate passes bill on oversight of Chinese companies, Alibaba shares move lower
PUBLISHED WED, MAY 20 2020
The bill would require companies to certify that “they are not owned or controlled by a foreign government.”
The legislation also stipulates that if American regulators are unable to inspect the company’s audits for three consecutive years, the firm’s securities will be banned.
Its passage in the Senate reflects the anger among U.S. lawmakers toward China and what many regulators say is a disregard of American financial disclosure standards.
Good. Lots of things happening on China.
Almost makes you wonder if the politicians can’t get paid off by China, which country will they turn to next for their bribes.