The love story between Wall Street and Chinese companies comes to an end

Posted Dec. 5, 2019, 2021, 4:07 p.m.Updated Dec 5, 2019, 2021, 4:17 p.m.

In the markets, love sometimes lasts only a few months. Didi Chuxing, the Chinese equivalent of Uber, which was listed on the New York Stock Exchange last June, is already closing the door on Wall Street to listing in Hong Kong. This decision comes in a context of growing rivalry between Beijing and Washington: the US market police is preparing to issue a regulatory error against foreign companies listed on US markets. While on the other side of the Pacific, the Chinese authorities are putting pressure on Chinese companies to encourage them to return and list in China.

In the United States, the Securities Exchange Commission (SEC) detailed on Thursday the conditions for the application of a law that requires greater transparency to foreign companies listed on the NYSE and Nasdaq. This law passed by Congress in December 2020 requires their accounts to be audited by approved companies, otherwise they could be kicked out of US markets within three years. A rule that Chinese companies have always refused to abide by.

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