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China securities watchdog seeks closer cooperation with U.S.

Stock MarketsAug 01, 2021 03:00AM ET
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© Reuters. FILE PHOTO: A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) - China's securities regulator said on Sunday it will seek closer cooperation with its U.S. counterpart and will support overseas listings, after U.S. regulators tightened disclosure for Chinese companies and voiced concern about Beijing's regulatory actions.

The China Securities Regulatory Commission (CSRC) said in a statement that it had taken note of the U.S. Securities and Exchange Commission's (SEC) new requirements for disclosure regarding Chinese companies' listings and that the two sides should "uphold the spirit of mutual respect" and "strengthen communications on regulating China-related stocks."

The CSRC has always been open to companies choosing where to go public and "China's basic national policy of advancing reform and opening up is unswerving, and the financial opening to the outside world will continue," it said on its website.

The SEC said on Friday it would require Chinese companies to disclose "uncertainty about future actions by the government of China that could significantly affect the operating company's financial performance," before allowing them to raise capital through U.S. stock markets.

Chinese issuers must also disclose if they were denied permission from Chinese authorities to list on U.S. exchanges and the risks that such approval could be denied or rescinded, the SEC added.

China has been tightening its regulatory grip on overseas share issuance after it launched a cybersecurity probe of ride-hailing giant Didi Global Inc last month, just days after its listing in New York.

China's cabinet said on July 6 that it would strengthen supervision of all Chinese firms listed offshore.

Following suit, China's cyberspace regulator said that any company with data for more than 1 million users must report for a cybersecurity review before seeking overseas listings. China's central bank has also said that non-bank payment firms must report plans for overseas listings.

 

 

China securities watchdog seeks closer cooperation with U.S.
 

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Comments (5)
Nordin Mohamad
Nordin Mohamad Aug 01, 2021 9:51AM ET
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once ccp feel their money is getting less every day they try to be good to u to silently n slowly rob yr wealth...
Investing Man
Investing Man Aug 01, 2021 5:45AM ET
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They should get the title right at least: its communist china and their communist party wants…
IceIce Baby
IceIceBaby Aug 01, 2021 4:49AM ET
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Better to watch what they do instead of what they say.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Aug 01, 2021 3:20AM ET
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China literally owns the USA. They produce and manufacture everything and run consistent trade surpluses, while buying all of our assets.
Investing Man
Investing Man Aug 01, 2021 3:20AM ET
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You are obviously chinese. You chinese crack me up. You hate your communist country and leaders so much you spend all your time on american websites
Perma Neutral
PermaNeutral Aug 01, 2021 3:10AM ET
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China owned a lot of US stocks and real estate already, last week they also took back Chinese stocks from Cathie wood at rock bottom prices (Alibaba at 180 compared to 170 in March 2020 at one point valued at below $500bn). They're floating out good headlines to pump it big time after having bought the dip.
Perma Neutral
PermaNeutral Aug 01, 2021 3:10AM ET
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cathie wood and other Americans*.
Lori Anthony
Lori Anthony Aug 01, 2021 3:10AM ET
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Agreed messed up
Investing Man
Investing Man Aug 01, 2021 3:10AM ET
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No one is listening to you chinese permanlol
akljsdf askldf
akljsdf askldf Aug 01, 2021 3:10AM ET
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if you think that's the end of value destruction by a communist state then you need to go read some history books on what happened to the 'capitalists' after Lenin took power. another example is Venezuela
 
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