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Trump demands investigation into US-listed Chinese companies

2020-05-30T04:03:58.457Z


Donald Trump asked his employees on Friday to investigate Chinese companies listed in the United States, against a background of growing tensions with Beijing. "I instruct my presidential task force on the financial markets to study the divergent practices of Chinese companies listed on the US financial markets in order to protect American investors ," the president said in a speech detailing his ...


Donald Trump asked his employees on Friday to investigate Chinese companies listed in the United States, against a background of growing tensions with Beijing. "I instruct my presidential task force on the financial markets to study the divergent practices of Chinese companies listed on the US financial markets in order to protect American investors ," the president said in a speech detailing his retaliatory measures against Beijing which Washington accuses of violating the autonomy status of Hong Kong.

“Investment companies should not subject their clients to the hidden and unnecessary risks presented by Chinese companies that do not play by the same rules. Americans have the right to fair and transparent treatment , said the president.

Read also: Cold War between China and the United States

More than 150 companies from the Middle Kingdom are listed in the United States, where they weighed 1.2 trillion dollars in 2019, according to figures from a committee of the United States Congress. One of the heavyweights on the list is online retail giant Alibaba, which in 2014 made the biggest IPO of all time on Wall Street, raising $ 25 billion.

The American Senate recently voted a text which, if also adopted by the House of Representatives, would force Chinese companies to prove that they are not under state control and to comply with American accounting rules at risk of beings withdrawn from the rating. In mid-May, the coffee chain Luckin Coffee, Chinese rival of the American giant Starbucks in China, announced that the Nasdaq had asked it to withdraw from the New York Stock Exchange, following a scandal around a massive fraud that shook the society.

Source: lefigaro

All business articles on 2020-05-30

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