NexOptic Technology Corp (TSXV: NXO)
You’ll Never See The World The Same Way Again
Alibaba (NYSE:BABA) shares drop 1.5% after the Senate passes legislation requiring U.S.-listed companies to certify “they are not owned or controlled by a foreign government.”
The certification would come into play if the Public Company Accounting Oversight Board can’t audit specific reports because the firm used a foreign public accounting firm not subject to the board’s inspection.
If the board can’t inspect the accounting firm for three consecutive years, the issuer’s securities will be banned from trading on the national exchange.
The law applies to any foreign company listing or raising capital in the United States, but China earned a specific mention.
Sen. John Kennedy, who sponsored the bill: “The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating on U.S. stock exchanges.“We can’t let foreign threats to Americans’ retirement funds take root in our exchanges.”
Other Chinese stocks on the move: (BIDU -1.4%), (JD -1.8%), (IQ -7.4%), (MOMO -4.7%), (WB -3.1%), (SINA -2.9%)
