Mike Pompeo urges global stock exchanges to tighten rules for Chinese companies

In this file photo taken on November 9, 2018 US Secretary of State Mike Pompeo speaks during a press conference with Chinese politburo member Yang Jiechi and Defense Minister Wei Fenghe during the US-China Diplomatic and Security Dialogue in the Benjamin Franklin Room of the State Department in Washington, DC. (AFP photo)
US Secretary of State Mike Pompeo has warned American investors against what he called “fraudulent” accounting practices of China-based companies, saying the decision the Nasdaq made recently to tighten listing rules for such players ought to be a “model for other exchanges in the United States, and around the world.”

Pompeo’s remarks on Thursday are indicative of the latest flashpoint in US-China relations as well as President Donald Trump administration’s desire to make it harder for some Chinese firms to trade on exchanges outside China.

This comes at a time of escalating tensions between the world’s two largest economies over trade, the coronavirus pandemic as well as a dispute over Hong Kong.
“The Trump administration is committed to ensuring that all American businesses and investors can operate on a level playing field with the rest of the world,” Pompeo said in a statement.

“American investors should not be subjected to hidden and undue risks associated with companies that do not abide by the same rules as US firms.”

The top US diplomat said Trump had ordered the Presidential Working Group on Financial Markets to carry out a study into the differing practices of Chinese companies listed on the US financial markets.

Last month, Nasdaq tightened listing rules in order to curb initial public offerings made by Chinese companies closely held by insiders and with transparent accounting.

That came after Chinese coffeehouse chain Luckin Coffee, which had a US IPO in early 2019, had announced that an internal probe showed its chief operating officer and other employees fabricated sales deals.

Pompeo said, “I applaud Nasdaq for requiring auditing firms to ensure all listed companies comply with international reporting and inspection standards.”

“Nasdaq’s announcement is particularly important given a pattern of fraudulent accounting practices in China-based companies,” he added.

Last Friday, Trump said his administration would start the process of eliminating special US treatment for Hong Kong to punish China, arguing Beijing’s move to impose new national security legislation could mean the territory no longer warranted US economic privileges.

Many US-listed Chinese firms will likely list on the Hong Kong exchange this year partly because of the political pressure the US is exerting on them, the head of that exchange said Thursday.

In April, the head of the US Securities and Exchange Commission (SEC), Jay Clayton, warned investors against putting money into Chinese companies because of the current problems with those companies’ disclosures.

No comments

Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.

We will also try as much as possible to optimize your post for search engines as well.

Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.

2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.

Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.

Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com

Normally, we should respond within 48 hours.