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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Baba Eco Group    BABA   MYL03012O001

BABA ECO GROUP

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China says U.S. audit law targeting Chinese firms discriminatory

12/04/2020 | 08:10am EST
FILE PHOTO: Chinese national flag flutters near the building of China Securities Regulatory Commission (CSRC) at the Financial Street area in Beijing

SHANGHAI (Reuters) - China's securities regulator said on Friday that U.S. legislation that threatens to kick Chinese firms off its exchanges is "clearly discriminatory" and politically driven, but China is still willing to talk.

The U.S. Congress passed legislation on Wednesday that would force Chinese firms to delist from U.S. exchanges unless they abide by U.S. accounting rules. It is expected soon to be signed into law by U.S. President Donald Trump.

The China Securities Regulatory Commission (CSRC) said in a statement that the "Holding Foreign Companies Accountable Act" is "clearly discriminatory" and not based on professional grounds.

The Act would force U.S.-listed companies to prove that they are not controlled by a foreign government, and require companies name Chinese Communist Party (CCP) officials on their boards, and disclose whether their articles of incorporation contains any charter of the CCP.

"We firmly oppose such acts of politicizing securities supervision," CSRC said.

"These rules would force Chinese companies to delist from U.S. securities markets, and will seriously harm the interest of U.S., and even global investors."

The new bill also requires Chinese companies give the U.S. Public Accounting Oversight Board access to audited accounts. Currently, China bars overseas regulators from inspecting local accounting firms, citing national security concerns.

CSRC said this is an issue regarding cross-border supervision, and should be solved through cooperations.

"China remains open to addressing U.S. concerns through dialogues and cooperation," CSRC said in the statement on Friday, reiterating that it looks forward to talks with U.S. regulators toward a solution.

The U.S. legislation will potentially affect U.S.-listed Chinese companies such as Alibaba, Pinduoduo Inc. and oil giant PetroChina Co Ltd., while pushing more secondary listings toward stocks markets in Hong Kong and China.

(Reporting by Samuel Shen and Brenda Goh; Editing by Alex Richardson and Chizu Nomiyama)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.53% 258.62 Delayed Quote.11.12%
BABA ECO GROUP 0.00% 0.17 End-of-day quote.0.00%
LONDON BRENT OIL 0.35% 55.28 Delayed Quote.8.61%
PETROCHINA COMPANY LIMITED -4.17% 2.53 End-of-day quote.5.42%
PINDUODUO INC. -0.53% 171.89 Delayed Quote.-3.25%
WTI 0.24% 52.228 Delayed Quote.10.00%
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Financials
Sales 2020 44,0 M 10,9 M 10,9 M
Net income 2020 8,17 M 2,02 M 2,02 M
Net cash 2020 7,25 M 1,79 M 1,79 M
P/E ratio 2020 4,68x
Yield 2020 3,00%
Capitalization 38,2 M 9,45 M 9,45 M
EV / Sales 2019 1,21x
EV / Sales 2020 0,70x
Nbr of Employees -
Free-Float 12,2%
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Managers and Directors
NameTitle
Jyh Wen Leong Managing Director & Executive Director
Jya Hao Leong Executive Director
Hoay Ling Lee Executive Director
Yoong Yoong Ooi Secretary
Siew Fong Leong General Manager
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