The new bill passed by the Senate would force Chinese companies to certify that “they are not owned or controlled by a foreign government.”
, would delist Chinese companies from Nasdaq, NYSE and other exchanges for failing to follow U.S. securities laws.
Originally introduced by Senators John Kennedy and Chris Van Hollen in March 2019, the bill would require companies to certify that “they are not owned or controlled by a foreign government.” They’d also be required to open their books to the Public Company Accounting Oversight Board—refusal to do so for three consecutive years would result in a ban and delisting.argued on Twitter
. “It’s asinine we’re giving Chinese companies the chance to exploit hard-working Americans because we don’t insist on examining their books.” On Tuesday, China's Luckin Coffee was delisted from the Nasdaq over allegations of accounting fraud; its founder and its chairman wereThe legislation is the latest example of rising pushback against China—over trade and other issues, which has been amplified in recent weeks by President Donald Trump, who has
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