Over 160 Chinese companies listed on US exchanges face the likelihood of being forced to delist due to a recent US law, but some have rejected buyout offers providing an alternative route privatisation. These include Nasdaq-listed Chinese companies, Sinovac Biotech and Hollysys Automation Technologies, which are yet to follow a concrete path due to internal conflict between shareholders and directors.
The threatening legislation is the Holding Foreign Companies Accountable Act HFCAA, which was signed into law by former US President, Donald Trump, in December 2020 and requires all US-listed firms to appoint a financial auditor recognised by the Federal Reserve-supported Public Company Accounting Oversight Board PCAOB. Before...
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