China banker optimistic deal on US accounting can be reached to ease delisting concerns
China and US should be able to strike a deal on the auditing dispute that threatens the listings of key Chinese firms on American stock exchanges, according to a senior executive at China’s top investment bank.
Regulators of the two countries are believed to be having “earnest” discussions with an aim to resolve the issue, Wang Sheng, head of the investment banking division at China International Capital Corp, said in an opinion piece published by the Economic Daily on Sunday. The newspaper is affiliated with the State Council, China’s cabinet.
“As a participant in the capital markets of two nations, we believe a solution can be found that both ensures data security of the region where the companies are domiciled and meet the regulatory requirements of the region where the firms are listed,” he wrote.
The US Securities and Exchange Commission last week identified five Chinese firms under the Holding Foreign Companies Accountable Act, which it says the Public Company Accounting Oversight Board (PCAOB) was unable to inspect.
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