Cyprus Mail
BusinessChinaUSAWorld

China plans three-tier data strategy to avoid U.S delistings – FT

China plans to sort U.S.-listed Chinese companies based on the sensitivity of the data they hold in an attempt to stop U.S. regulators from delisting hundreds of firms, groups, the Financial Times said on Saturday.

The three-tier system aims to bring Chinese companies into compliance with U.S. rules that would require public companies to let regulators inspect their audit files, the FT said, citing four unnamed people with knowledge of the situation.

The three broad categories include companies with non-sensitive data, sensitive data and secretive data, the newspaper said.

Washington has long demanded complete access to the books of U.S.-listed Chinese companies, but Beijing, citing national security concerns, bars foreign inspection of working papers from local accounting firms.

Reuters reported in March that Chinese regulators had asked some of the country’s U.S.-listed firms, including Alibaba 9988.HK , Baidu 9888.HK and JD.com 9618.HK, to prepare for more audit disclosures.

In April Reuters reported China and U.S. regulators were discussing operational details of an audit deal that Beijing hoped to sign this year to keep Chinese companies listed on U.S. exchanges.

Follow the Cyprus Mail on Google News

Related Posts

Turkey opposition aims to hit back at Erdogan in local elections

Reuters News Service

Putin says Russia will not attack NATO, but F-16s will be shot down in Ukraine

Reuters News Service

Cyprus Business Now

Kyriacos Nicolaou

Cyprus petroleum sales rise by 7.1 per cent in February

Kyriacos Nicolaou

Britain’s financial watchdog warns social media influencers

Reuters News Service

Renault to sell Nissan stake of about 2.5 per cent

Reuters News Service