Two topics dominate the new disclosures: The People’s Republic of China government’s heightened regulations and new U.S. legislation.
These risks were previously known and helped TME’s share price drop precipitously in the past year. Still, TME’s detailed explanations underscore the seriousness of the threats.
Running afoul of the PCAOB could have serious consequences. TME states its “ADSs may [be] delisted and our ADSs and shares prohibited from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act” if the PCAOB is unable to inspect or fully investigate auditors located in China., “would decrease the number of non-inspection years from three to two,” potentially quickening a delisting, according to the annual report.
As a penalty, and to encourage competition, SAMR forced TME to relinquish its exclusive licensing deals with record labels. Tencent was also fined 500,000 RMB .
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1st human case of H3N8 bird flu reported in 4-year-old boy in ChinaJeanna is the editor-in-chief of Live Science. Previously, she was an assistant editor at Scholastic's Science World magazine. Jeanna has an English degree from Salisbury University, a master's degree in biogeochemistry and environmental sciences from the University of Maryland, and a graduate science journalism degree from New York University. She has worked as a biologist in Florida, where she monitored wetlands and did field surveys for endangered species. She also received an ocean sciences journalism fellowship from Woods Hole Oceanographic Institution.
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