Smoke and mirrors in the US and China! The U.S. is considering a boycott of the 2022 Winter Olympics hosted by China, the State Department said on Tuesday (6), while the New York Stock Exchange announced the delisting of eggshell apartments, a Chinese stock.
U.S. Considering Boycott of 2022 Beijing Winter Olympics
The U.S. and China continue to trade blows over human rights issues in Xinjiang, with the U.S., Britain, Canada and the European Union collectively announcing sanctions against the Chinese Communist Party in recent months.
The U.S. on Tuesday said it will discuss a joint boycott of the 2022 Beijing Winter Olympics with its allies, arguing that the action is in the interest of the U.S. and its allies.
State Department spokesman Ned Price said the U.S. and its allies are considering a boycott of the 2022 Winter Olympics hosted by China, but have not yet made a final decision, but are concerned about serious human rights violations by the Chinese Communist Party.
Ned Price mentioned, “The United States certainly wants to discuss a joint boycott of the Beijing Winter Olympics, and a coordinated approach is not only in our interest, but also in the interest of our allies and partners.”
Ned Price said the U.S. will continue discussions with its allies to identify issues of common concern and to build a coherent approach to Beijing.
New York Stock Exchange Announces Listing of Chinese Eggshell Apartments on Tuesday
The New York Stock Exchange on Tuesday officially announced the launch of the delisting process for Eggshell ADS, which will be filed with the U.S. Securities and Exchange Commission (SEC) for the delisting of Eggshell’s shares.
The main reason for the delisting of Eggshell ADS (DNK-US) is its multiple violations, and the NYSE has now announced an immediate trading halt.
Eggshell was listed on the NYSE on January 17 of last year, but Eggshell has repeatedly failed to make timely, adequate and accurate disclosures to its shareholders and the investing public. In February and March of this year, Shell Apartments did not provide semi-annual financial information on time.
The Securities and Exchange Commission (SEC) announced the adoption of an “interim final amendment” to implement the disclosure requirements under the Foreign Company Accountability Act (HFCA) last month.
The SEC will seek public comment on which foreign companies are deemed to be non-compliant with U.S. auditing standards, implying that stricter regulatory measures will be taken against Chinese companies.
The Foreign Company Accountability Act, which targets Chinese companies, was signed by former U.S. President Donald Trump on Dec. 18 last year.
The act requires foreign companies to be delisted from U.S. exchanges if they fail to comply with Public Company Accounting Oversight Board (PCAOB) audits for three consecutive years. The rule also applies to unlisted stocks traded over-the-counter. Those companies that are unable to undergo an audit examination by the board must also determine that they are not controlled or owned by a foreign government.
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