Xiao Gang, the former chairman of the China Securities Regulatory Commission: The United States has introduced unilateral measures against China's concept stocks to harm others and harm itself
China News Service, Beijing, April 10 (Reporter Wang Enbo) Xiao Gang, the former chairman of the China Securities Regulatory Commission, attended the "2021 Tsinghua Wudaokou Chief Economist Forum" online on the 10th, saying that the United States has introduced unilateral measures against Chinese stocks to harm others. To harm oneself, we should not politicize the professional and regulatory affairs of the securities market.
The US Securities and Exchange Commission previously announced that it has passed temporary final amendments to implement the "Foreign Company Accountability Act" authorized by the US Council on the disclosure of information for listed companies.
Although the bill applies to all foreign companies listed in the United States, there are a number of provisions that clearly target Chinese companies listed in the United States and Chinese concept stocks that have already been listed in the United States.
Talking about the possible return of Chinese concept stocks in this context, Xiao Gang emphasized that the US is mainly responsible for the current problems.
The China Securities Regulatory Commission and the US Securities Regulatory Commission have reached a memorandum on the audit of China Concept Stocks.
The United States set aside bilateral agreements and unilaterally issued some regulations and administrative orders to implement it. This measure harms others and harms itself.
He pointed out that this move is not conducive to Chinese companies' listing and financing in the United States, but also harms the United States' own interests.
The listing of Chinese companies in the United States has promoted the development of the U.S. capital market, which is especially beneficial to the development of American intermediary agencies and service industries.
If a large number of Chinese concept stocks return and delist from the US capital market, the interests of the United States will also be harmed.
"We firmly oppose (related measures) and should not politicize professional and regulatory affairs in the securities market."
Xiao Gang said that there has not been a large number of Chinese concept stocks delisting, but based on current trends, a large number of Chinese concept stocks may return.
On the one hand, these Chinese concept stocks can return to the capital market of Hong Kong, China, because Hong Kong is also an international financial center and funds are freely convertible and flow freely.
In addition, conditions can also return to the mainland A-share market, which is beneficial for improving the structure of listed companies in the A-share market and allowing domestic investors to share the development dividends of Chinese concept stock companies.
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