U.S. Secretary of State Mike Pompeo on Thursday warned American investors against 'fraudulent' accounting practices of China-based companies and said the Nasdaq's recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.
WASHINGTON - U.S. Secretary of State Mike Pompeo on Thursday warned American investors against ‘fraudulent’ accounting practices of China-based companies and said the Nasdaq’s recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.
It also represents the latest flashpoint in the relationship between Washington and Beijing at a time of escalating tensions between the world’s two largest economies over trade, the coronavirus pandemic as well as a spat over Hong Kong. Nasdaq Inc took action last month and tightened listing rules, in a bid to curb initial public offerings of Chinese companies closely held by insiders and with opaque accounting.
He also said he was instructing a presidential working group to study the differing practices of Chinese companies listed on the U.S. financial markets, with the goal of protecting American investors. As a result of the U.S. pressure, many U.S.-listed Chinese firms will likely list on the Hong Kong exchange this year in part because of U.S. political pressure, the head of the exchange said Thursday.
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