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Chinese, US regulators work on audit solution to prevent delisting

The China Securities Regulatory Commission is working with US regulators to find solutions to keep hundreds of Chinese firms from being kicked off the American stock exchanges. The Chinese regulator warned that there is a lot of speculation about the cooperation between Chinese and US regulators. The Public Company Accounting Oversight Board (PCAOB) said that it continued to engage with Chinese regulators about getting access to their auditors’ records, but remained unclear if the Chinese government would grant the access required by a new US listing law. The PCAOB said that recent media speculation about an imminent deal that would stop hundreds of Chinese companies from being booted out of the US stock exchanges was “premature”. The US audit watchdog added that any agreement would only be a first step and that the PCAOB would then investigate to ensure that the deal is being followed.

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