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China, US Striving For Audit Dispute Solution: State Media

China Securities Journal reported recent talks have been ‘efficient, candid and professional’ as 273 Chinese US-listed firms face delisting

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China has refused to condemn Russia’s military aggression in Ukraine, while also publicly opposing the mounting Western sanctions on the Kremlin. That stance has presented a dilemma for Chinese firms operating in Russia, including Xiaomi, Sinopec and Alibaba Group Holding. Photo: Reuters

 

Chinese regulators and their U.S. counterparts are working hard to solve an audit dispute affecting U.S.-listed Chinese firms and want to achieve effective and sustainable cooperation as soon as possible, a state-run newspaper reported on Sunday.

Citing a source close to Chinese regulators, the official China Securities Journal reported that the China Securities Regulatory Commission (CSRC) heard opinions from some U.S.-listed Chinese companies during an online meeting on Sunday.

“Both Chinese and U.S. regulators are fully aware of each other’s concerns, and are moving toward each other, and working hard to find solutions to the issue in order to achieve effective and sustainable cooperation as soon as possible,” the source was cited as saying.

“This is in the best interests of the capital markets of both countries and global investors.”

 

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CSRC said that the recent talks with U.S. regulators have been efficient, candid, and professional, the newspaper said.

The comments come days after the U.S. public company accounting regulator said that recent media speculation about an imminent deal with China was “premature”, and it remained unclear if the Chinese government would grant the access required by a new U.S. listing law.

Washington is demanding complete access to the books of U.S-listed Chinese companies, but Beijing bars foreign inspection of working papers from local accounting firms – a long-simmering auditing dispute that puts hundreds of billions of dollars of U.S. investments at stake.

Chinese regulators have asked some of the country’s U.S.-listed firms, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures as Beijing steps up efforts to ensure they remain listed in New York, Reuters reported last week.

The Financial Times also reported this month that China’s securities watchdog is weighing a proposal that would allow U.S. regulators to inspect auditors’ working papers for some companies as soon as this year.

CSRC cautioned market participants not to blindly believe in speculation by some media with little knowledge of the details and direction of the talks, as such reports caused unnecessary disturbances to market expectations, the China Securities Journal reported on Sunday.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

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25 Chinese Stocks On The Brink Of Delisting From The US

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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