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The CSRC requires Chinese companies listed in the United States to disclose more information

2021-08-31 18:27:26 Moonlight Blog

   According to Reuters 23 Exclusive report of Japan , A document seen by Reuters reporters and people familiar with the matter shows that , Securities and Exchange Commission (SEC, Securities Regulatory Commission ) Has begun to ask Chinese companies that want to list on the New York Stock Exchange to disclose more information , To help investors improve their understanding of relevant risks .

   Reuters said , Some Chinese enterprises have now begun to receive detailed instructions from the CSRC , This includes requiring them to further disclose the use of vie structures (VIE) Information on the IPO of this offshore tool , And Chinese regulators “ intervention ” The risks of these companies .

  VIE It refers to the separation of a listed entity registered abroad from a domestic business operation entity 、 Overseas listed entities control the form of domestic entities by agreement , China concept stocks listed in the United States have generally built VIE framework . A letter from the US Securities Regulatory Commission seen by Reuters wrote : Please describe VIE The impact the company may have on investors and their investment value , Including significant costs that the company may incur as a result of implementing the terms of this structure .

   This letter shows , The CSRC also requires Chinese companies seeking to list in the United States to disclose “ Investors may never hold a direct stake in the Chinese operating company ”. Reuters said , A lot of adoption VIE Chinese companies listed in the United States are registered in tax havens such as the Cayman Islands , The chairman of the US Securities Regulatory Commission, jensler, once said , There are too many questions about how funds flow between these corporate entities .

   Reuters also quoted sources as saying that , The CSRC also puts forward disclosure requirements on the policy risks formed by the Chinese regulatory authorities in data security supervision . in addition , The CSRC also requires some Chinese companies to comply with the regulations issued by the United States last year 《 Foreign company accountability law 》, Disclose accounting information to U.S. regulators and provide more details . A spokesman for the SEC did not immediately respond to a request for comment from Reuters .

   Source : (Reuters) -

 The CSRC requires Chinese companies listed in the United States to disclose more information

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