The U.S. Public Company Accounting Oversight Board on Thursday said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges.
The statement from the PCAOB, the U.S. accounting watchdog, marks a victory for U.S. regulators and a relief for Chinese firms, including Alibaba, facing delisting amid rocky relations between the world's largest economies. Washington and Beijing have been locked in a heated trade and technology war.
U.S.-listed shares of Chinese companies started trade higher amid the news, but gave up gains due to broader financial market pressure. Investors and attorneys have been awaiting news from the PCAOB on whether U.S. inspectors received the access promised.during the seven-week inspection.In separate news on Thursday, the Biden administration added Chinese memory chipmaker YMTC and 21 "major" Chinese players in the artificial intelligence chip industry to a trade blacklist, broadening its crackdown on China's chip industry.
"Today’s announcement should not be misconstrued in any way as a clean bill of health for firms in mainland China and Hong Kong," Williams said.
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