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Trump signs bill that could kick Chinese firms off U.S. stock exchanges

Stock MarketsDec 18, 2020 04:55PM ET
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© Reuters. FILE PHOTO: U.S. President Donald Trump departs on travel to West Point, New York from the South Lawn at the White House in Washington

WASHINGTON (Reuters) -President Donald Trump on Friday signed legislation that would kick Chinese companies off U.S. stock exchanges unless they adhere to American auditing standards, the White House said, giving the Republican one more tool to threaten Beijing with before leaving office next month.

"The Holding Foreign Companies Accountable Act" bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.

While it applies to companies from any country, the legislation's sponsors intended it to target Chinese companies listed in the United States, such as Alibaba (K:BABA), tech firm Pinduoduo (NASDAQ:PDD) Inc and oil giant PetroChina Co Ltd.

The legislation, like many others taking a harder line on Chinese businesses, had passed Congress by large margins earlier this year. Lawmakers - both Democrats and Trump's fellow Republicans - echo the president's hard line against Beijing, which became fiercer this year as Trump blamed China for the coronavirus ravaging the United States.

The act would also require public companies to disclose whether they are owned or controlled by a foreign government.

Chinese officials have dismissed the measure as a discriminatory policy that politically oppresses Chinese firms.

Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.

Trump signs bill that could kick Chinese firms off U.S. stock exchanges
 

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Comments (11)
Anthony Anthony
Anthony Anthony Dec 19, 2020 2:47PM ET
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don't forget to kick off apple, walmart, target.... just about all their products are made in china.
John Truglio
John Truglio Dec 19, 2020 11:21AM ET
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Sold MOMO this past week and bought Bitcoin with the money.
David David
David9 Dec 19, 2020 3:19AM ET
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This is a good thing.... this just means China's Exchange will gain full steam ahead... 5 to 10 more years, China will be take over the New York Exchange to become the defacto market...
figmarion 송
figmarion 송 Dec 19, 2020 12:30AM ET
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real patriot
Kwong To
Kwong To Dec 18, 2020 10:07PM ET
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See that he didnt steal anything on his way out this coming Jan
Darryl Allen
Darryl Allen Dec 18, 2020 9:36PM ET
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Common sense
Bernard Tan
Bernard Tan Dec 18, 2020 8:28PM ET
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Its time Trump signs his divorce papers and his house mover contract.....leave other papers unsign
Bernard Tan
Bernard Tan Dec 18, 2020 8:19PM ET
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Trump is correcting his mistake that allowed Chinese company listing without compliance to USA accounting standards!! How did that happen? Trump was sleeping & neglecting his job
Nestor Calderon
Nestor Calderon Dec 18, 2020 8:19PM ET
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please show evidence or point to articles we can use to make our own judgement
Nestor Calderon
Nestor Calderon Dec 18, 2020 8:19PM ET
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please show evidence or point to articles we can use to make our own judgement
Gerald Zhang
Gerald Zhang Dec 18, 2020 7:37PM ET
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good for beijing they want company to list in China instead
Daniel Lu
Daniel Lu Dec 18, 2020 5:37PM ET
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That’s why the sitting President lost his votes in Chinese American community states such as NY and CA? Biden wins ; China wins. When out of politics, it’s always goood to have more friends rather than enemies. That was actually a 2020 election of Trump vs. Anti-Trump. Wish President successfully keep his popularity and make a comeback in 2024
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Zack Harding
Zack Harding Dec 18, 2020 5:37PM ET
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You are correct though...Biden win equals China win!
Casper Casper
Casper Casper Dec 18, 2020 5:37PM ET
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He lost because of 🔥🔥corruption and cheating 🔥🔥
Daniel Lu
Daniel Lu Dec 18, 2020 5:37PM ET
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Casper Casper We didnt rule out there was a fraud but Trump adminisrtation needs to have solid evidence and fight through the supreme court. This would be a different story and it can continue without making a danage to the US democracy. That’s his right , protected by law.
Bernard Tan
Bernard Tan Dec 18, 2020 5:37PM ET
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There’s not an absolute that China wins in everything. It just shows how incompetent Trump was in dealing with non-property related businesses! Trump lost to China coz he’s out of his depth and his team is useless. Nothing to gain for Biden.
Browning Lui
Browning Lui Dec 18, 2020 5:37PM ET
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2024? He would be lucky if he isn't jailed the next 4 years lol
Notvery Goodathis
Peteymcletey Dec 18, 2020 5:20PM ET
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Long overdue
Tommy Arencibia
Tommy Arencibia Dec 18, 2020 5:20PM ET
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The ony two thumbs down must own chinese stocks lol. How is thos bad? Follow the rules which are reasonable and you wont be kicked off
 
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