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© Reuters. US-listed Chinese Stocks Open Higher on News of Audit Deal
By Sam Boughedda
Shares of Chinese shares reminiscent of Alibaba (NYSE:), JD.com (NASDAQ:), Baidu (NASDAQ:), and Pinduoduo (NASDAQ:) opened increased Friday following information that Beijing and China have reached a preliminary deal that can enable U.S. officers to overview audit paperwork of Chinese firms listed within the U.S.
The transfer could be a step in the direction of avoiding the delisting of some Chinese firms listed within the U.S., which had been a danger for a substantial interval of time.
On Friday, statements from U.S. and Chinese regulators stated China will enable the Public Company Accounting Oversight Board to entry audit work papers and personnel, with the U.S. officers planning to be in China by mid-September.
It is a transfer in the precise path after a standoff between the 2 superpowers, which posed a danger to Chinese firms reminiscent of Alibaba and Baidu, that are listed on U.S. exchanges. However, it’s simply step one, because the audit checks might take a number of months.
