Thu March, 2021, Age: 3 years
After the U.S. Securities and Exchange Commission adopted new rules that would boot foreign companies off American stock exchanges if they do not adhere to U.S. auditing standards, shares in dual-listed Chinese companies fell sharply on Thursday in Asian markets. The implementation of the new rule comes amidst a regulatory crackdown on Chinese domestic technology companies. The Holding Foreign Companies Accountable Act, signed into law by former President Donald Trump last December, is designed to remove Chinese companies from U.S. exchanges if they do not comply with American auditing standards for a period of three years. Chinese spokeswoman Hua Chunying complained Thursday that, “it is clearly discriminatory against Chinese companies, it is wanton political suppression of Chinese companies listed in the U.S.”