US regulators step up scrutiny of IPO hopefuls from China
By The Associated Press - | Jul 31, 2021
FILE - In this July 30, 2013, file photo, Gary Gensler testifies on Capitol Hill in Washington. Chinese companies hoping to sell their shares in the United States must start making more disclosures about their potential risks before U.S. regulators will allow them to list their stock. The Securities and Exchange Commission announced the move Friday, July 30, 2021, after Beijing said it would step up its supervision of Chinese companies listed overseas, including reviews of their cybersecurity. SEC Chair Gensler pointed in particular to Chinese businesses that use shell companies to get around Chinese rules blocking foreign ownership for their industries. (AP Photo/J. Scott Applewhite, File)
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