China’s securities regulator denies reports of plans to exist to be delisted

A sign of the China Securities Regulatory Commission is seen at the regulator’s headquarters on November 16, 2020 in Beijing.

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BEIJING — China’s securities regulator told CNBC in a statement that it has not yet studied plans for a three-tier system to help Chinese companies avoid being delisted by the United States.

The Financial Times reported, citing sources, that China was preparing system that separates Chinese companies listed in the United States into three groups based on their data sensitivity. That system will help some Chinese companies comply with US requirements to be able to check audit papers, the report said.

The China Securities Regulatory Commission added that companies should abide by listing rules and data privacy, regardless of whether they are publicly listed on the mainland or overseas. The regulator said other information about ongoing discussions with US regulators should come from official announcements.

Regulators in Washington and Beijing are working to resolve an audit dispute that has delisted Chinese companies listed in the US.

As of March, the US Securities and Exchange Commission naming specific Chinese stocks listed in the US do not obey Foreign Companies Accountability Act. Passed in 2020, the legislation would allow the SEC to remove Chinese companies from US exchanges if US regulators are unable to review audits of companies for three consecutive years. next.

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