The “Holding Foreign Companies Accountable Act” will require companies to establish that they are not owned or controlled by a foreign government and allow the U.S. Public Accounting Oversight Board to review their financial audits.
Although the legislation applies to companies from any country outside of the U.S., the bill’s measures are clearly intended to target Chinese companies, such as Alibaba Group, Pinduoduo and PetroChina. The companies have a grace period of three years to comply with the requirement before facing the threat of losing access to U.S. stock markets, a key source of capital for the companies. https://www.forbes.com/sites/robertolsen/2020/12/18/trump-signs-bill-that- could-delist-chinese-companies-from-us-stock-exchanges/
The “Holding Foreign Companies Accountable Act” will require companies to establish that they are not owned or controlled by a foreign government and allow the U.S. Public Accounting Oversight Board to review their financial
audits.
Although the legislation applies to companies from any country outside of
the U.S., the bill’s measures are clearly intended to target Chinese
companies, such as Alibaba Group, Pinduoduo and PetroChina. The companies
have a grace period of three years to comply with the requirement before
facing the threat of losing access to U.S. stock markets, a key source of
capital for the companies.
https://www.forbes.com/sites/robertolsen/2020/12/18/trump-signs-bill-that-
could-delist-chinese-companies-from-us-stock-exchanges/