Pressure is ramping up for the US and China to reach a deal to prevent some 200 companies from the latter from being booted from New York exchanges, with SEC chair Gary Gensler continuing to express limited confidence.
«I just really don’t know right now,» said SEC chair Gary Gensler on the prospects of reaching a deal during an interview with «Bloomberg». «It’s going to be choices made by the authorities there.»
While Gensler described the talks as «constructive», he noted that it was ultimately Beijing’s decision whether or not to comply with US law and allow audit inspections.
«You've got to play by a standard set of rules that 52 other countries play by,» he explained.
Deadline Approaching
Under the current rules, China will have until 2024 to comply with a 2020 bipartisan law called the Holding Foreign Companies Accountable Act and allow access to US audit inspectors. And the deadline could be shifted to an earlier date should the US Congress pass new measures to accelerate the process.
Separately, the SEC also began publishing a «provisional list» of companies that could face delisting earlier this year. The list covers over 80 firms including Chinese e-commerce giant JD.com or video sharing platform Bilibili.
