| 送交者: 夏青danxia[★品衔R6★] 于 2020-04-23 10:43 已读 1367 次 | 夏青danxia的个人频道 |
https://www.forbes.com/sites/kenrapoza/2020/04/22/sec-chairman-fires-warning-at-china-but-will-this-one-hit-its-target/#6371dc33521c 6park.com
SEC Chairman Fires Warning At China, But Will This One Hit Its Target? 6park.com
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Kenneth RapozaSenior Contributor 6park.com
Markets 6park.com
I write about business and investing in emerging markets. 6park.com6park.com
Securities and Exchange Commission Jay Clayton on China investing: buyer beware. (Photo by John ... [+]
WIREIMAGEThe head of the Securities and Exchange Commission just fired another round across the bow of China’s securities market. It’s not the first time someone in SEC leadership has come out and criticized the lack of transparency of Chinese companies listed on the NYSE. None of them follow the same auditing rules their U.S. counterparts have to follow. Will this latest round find its target?
The SEC issued guidance on investing in emerging market on Tuesday. And it all focuses on China. The latest guidance comes shortly after the blowout of the Chinese Starbucks SBUX, Luckin Coffee, whose share price collapsed over 80% in less than four weeks. It is currently banned from trading due to some serious book cooking by the China baristas.
On Wednesday, SEC Chairman Jay Clayton told Maria Bartiromo on her FOX Business Network program Mornings with Maria that, “We have struggled for a long time with the Public Company Oversight Board (PCOB) getting access to audit work papers. The Board still does not have access. It's a source of frustration for us because we don't have the same oversight with respect to operations in China from a financial reporting point of view that you do in most of the rest of the world,” Clayton said.
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Despite the fact that many China companies are listed on U.S. exchanges, they do not adhere to Sarbanes-Oxley Act accounting rules.
China hawks on the investor side, led by Kyle Bass, founder of Hayman Capital, and senators like Marco Rubio, have asked the SEC to require Chinese companies play by the same rules. Those rules would also allow U.S. investors to file class actions against companies for misrepresenting themselves in financial reports, giving investors more protection against China fraud. 6park.com
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So far, China is a locked box.
“This (audit) inspection issue with respect to China is something we think investors should focus on,” Clayton said.
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