China firmly opposes the US politicizing security regulation, Foreign Ministry spokeswoman Hua Chunying said on Thursday.

The bill will weaken global investor confidence in the US capital market, damage the international status of the US capital market and harm its own interests, Hua said.

The US House of Representatives passed the “Holding Foreign Companies Accountable Act” on Wednesday. It bars securities of foreign companies from being listed on any US exchange if they have failed to comply with a US Public Accounting Oversight Board audit three years in a row.

While the bill applies to companies from any country, the legislation’s sponsors intended it to target Chinese companies listed in the United States, such as Alibaba, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd, Reuters said in a report.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Debt-laden Vodafone Idea to raise up to $3.4 billion in funds

BENGALURU (Reuters) – Vodafone Idea Ltd (VODA.NS) said on Friday it would raise funds up to 250 billion Indian rupees ($3.41 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government. The…

NYSE withdraws plans to delist 3 Chinese phone carriers

NEW YORK — The New York Stock Exchange says it is withdrawing plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump. The exchange cited “further consultation” with U.S. regulators but gave no…

Florida governor announces plans to reopen state

Florida Gov. Ron DeSantis unveiled a plan Wednesday to lift the state’s stay-at-home orders amid the coronavirus crisis that he called “safe, smart and step by step.” The plan will go into effect Monday in every county except Dade, Palm…

Fall could bring chill to dining out

U.S. restaurants are moving warily into fall, hoping their slow recovery persists despite the new challenge of chilly weather and a pandemic that’s expected to claim even more lives. New York opens indoor dining on Wednesday, restricting capacity to 25%.…