The US may close access to exchanges for Chinese companies

The US Congress will consider a bill restricting Chinese companies’ access to place securities on US exchanges, Bloomberg reports.

A vote on the bill entitled “on bringing foreign companies to justice” is scheduled for December 2. To pass the document, it is enough that two-thirds of congressmen support it.

As follows from the accompanying documents to the initiative, foreign companies considering placement on US stock exchanges should allow Washington to conduct an independent audit for three years.

Checks will have to show that the applicant company is not under the control of a foreign government.

In case of refusal, such an organization will be prohibited from being listed on US exchanges. The law will apply to any foreign companies.

According to Bloomberg, the project is primarily aimed at China’s Alibaba and Baidu. However, in this case, the Agency did not rule out mirror measures against American enterprises from Beijing.

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