Chinese US regulators work hard to resolve audit disputes, state-run newspapers report
Chinese US regulators work hard to resolve audit disputes, state-run newspapers report

Chinese US regulators work hard to resolve audit disputes, state-run newspapers report

The flags of China and the United States are seen printed on paper in this illustration taken January 27, 2022. REUTERS / Dado Ruvic / Illustration

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SHANGHAI, March 27 (Reuters) – Chinese regulators and their US counterparts are working hard to resolve a revision dispute affecting U.S. listed Chinese companies and want to achieve effective and sustainable cooperation as soon as possible, a state-run newspaper reported Sunday.

Referring to a source close to Chinese regulators, the official China Securities Journal reported that the China Securities Regulatory Commission (CSRC) heard statements from some U.S. listed Chinese companies during an online meeting Sunday.

“Both Chinese and US regulators are fully aware of each other’s concerns and are moving towards each other and working hard to find solutions to the problem in order to achieve effective and sustainable cooperation as soon as possible,” the source was quoted as saying. .

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“This is in the best interest of the capital markets of both countries and global investors.”

The CSRC said recent talks with U.S. regulators have been effective, honest and professional, the newspaper said.

The comments come days after the US Public Accounting Authority said that recent media speculation about an impending agreement with China was “premature” and it remained unclear whether the Chinese government would provide the access required by a new US listing law. Read more

Washington demands full access to the books of U.S. listed Chinese companies, but Beijing is preventing foreign inspections of working papers from local audit firms – a protracted audit dispute that puts hundreds of billions of dollars of U.S. investment at stake. Read more

Chinese regulators have asked some of the country’s US-listed companies, including Alibaba, Baidu and JD.com, to prepare for more audit information as Beijing escalates efforts to ensure they remain listed in New York, Reuters reported last week. Read more

The Financial Times and Bloomberg News also reported this month that China’s watchdog for securities is weighing a proposal that would allow U.S. regulators to inspect auditors’ working papers for some companies as early as this year.

The CSRC warned market participants not to blindly believe in speculation from some media outlets with little knowledge of the details and direction of the talks, as such reports caused unnecessary disruption to market expectations, the China Securities Journal reported Sunday.

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Reporting by Shanghai Newsroom Editing by Raissa Kasolowsky

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