美國證交會稱 - 中國公司要做 IPO必須提供額外的風險披露

Recently Yahoo News on-line reported the following:

U.S. SEC says Chinese IPO hopefuls must provide additional risk disclosures

Fri., July 30, 2021, 3:03 a.m.

By Echo Wang, Scott Murdoch and Kane Wu

(Reuters) -The U.S. Securities and Exchange Commission will not process registrations of securities by Chinese companies unless they provide disclosures on the implications of a new regulatory crackdown by Beijing and other risks, the agency said on Friday, confirming a report by Reuters.

In a statement, SEC Chair Gary Gensler said he had also asked staff to "engage in targeted additional reviews of filings for companies with significant China-based operations."

The development underscores U.S. policymakers' concerns that Chinese companies are systematically flouting U.S. rules that require public companies to disclose to investors a range of potential risks to their financial performance.

Chinese listings in the United States have reached a record $12.8 billion so far this year, according to Refinitiv data, as companies swooped in to capitalize on the U.S. stock market reaching daily record highs.

Deal flows slowed substantially this month after Chinese regulators banned ride-sharing giant Didi Global Inc from signing up new users just days after its blockbuster IPO. They followed up with crack-downs on technology and private education companies.

In an interview with Reuters earlier this week, SEC Commissioner Allison Lee said that Chinese companies listed on U.S. stock exchanges must disclose to investors the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations.

On Friday, Reuters reported that the agency was not processing registrations for the issuance of Chinese company securities pending SEC guidance on how to disclose the risks they face in China.

Following that report, Gensler issued Friday's statement saying that in light of Beijing's crackdown, he had asked staff to seek additional disclosures from Chinese companies before making their registrations effective.

These should include that investors face "uncertainty about future actions by the government of China that could significantly affect the operating company’s financial performance" and the enforceability of certain contractual arrangements.

Chinese issuers must also disclose if they were denied permission from Chinese authorities to list on U.S. exchanges and the risks that such approval could be denied or rescinded.

In addition, Chinese companies should disclose when Chinese law requires them to list in the United States via an offshore shell company, which carries additional legal risks.

"I believe these changes will enhance the overall quality of disclosure in registration statements of offshore issuers that have affiliations with China-based operating companies," said Gensler.

 LATEST SALVO

The SEC's move represents the latest salvo by U.S. regulators against corporate China, which has frustrated Wall Street for years with its reluctance to submit to U.S. auditing standards and improve the governance of companies held closely by founders.

The agency has been under intense pressure from U.S. lawmakers to take a tougher line. A group of senators including Republicans John Kennedy and Bill Hagerty wrote to Gensler this week urging "thorough investigations of U.S. listed Chinese companies' concerning lack of transparency."

Last month, the SEC removed the chairman of the Public Company Accounting Oversight Board (PCAOB), which has been unsuccessful in a push to ensure independent auditing of U.S.-listed Chinese companies. The SEC is also under pressure to finalize rules on the delisting of Chinese companies that do not comply with U.S. auditing requirements.

A total of 418 Chinese companies are listed on U.S. exchanges, according to Refinitiv. The S&P/BNY Mellon China Select ADR Index, which tracks the American depositary receipts of major U.S.-listed Chinese companies, has lost 22% of its value year-to-date, compared with an 18% rise in the S&P 500 index.

No major U.S. IPO of a Chinese company is in the works following Didi, as the business community in China tries to come to grips with the regulators' intentions.

Chinese officials said last week they would bar tutoring for profit in core school subjects to ease financial pressures on families that have contributed to low birth rates, sending shockwaves through the country's private education sector. This came on the heels of a broad crackdown on China's massive internet sector amid concern in Beijing over the safety of the personal data of its citizens.

China's securities regulator met with executives of global investment banks on Wednesday to calm financial market nerves, reassuring them that policies will be rolled out more steadily to avoid volatility, people familiar with the matter told Reuters.

State-backed newspaper China Daily also said Beijing remained supportive of domestic companies seeking to list overseas.

Some Chinese companies canceled their U.S. IPOs this month proactively. LinkDoc Technologies pulled its offering to raise $211 million soon after Didi's troubles emerged, while Hello Inc this week announced its U.S. listing plans were on hold.

(Reporting by Echo Wang in New York, Scott Murdoch and Kane Wu in Hong Kong; additional reporting by Katanga Johnson in Washington, D.C.; editing by Greg Roumeliotis, Richard Pullin and Dan Grebler)

Translation

（路透社）- 美國證券交易委員會 (SEC) 周五表示，美國證券交易委員會不會處理中國公司的證券註冊，除非他們披露北京新一輪監管打擊的影響和其他風險，證實了路透社的一份報導。

在一份聲明中，SEC 主席 Gary Gensler 表示，他還要求委員會員工“對在中國有重要業務的公司的申請進行有針對性的額外審查”。

這一事態發展凸顯了美國決策者的擔憂，即中國公司正在系統地蔑視美國要求上市公司向投資者披露其財務業績的一系列潛在風險的規定。

根據 Refinitiv 的數據，今年至今為止，中國在美國的上市金額已達到創紀錄的 128 億美元，因為公司紛紛湧入美國股市，多次創下单日歷史新高。

在中國監管機構禁止共乘車巨頭滴滴全球 (Didi Global Inc) 在其轟動一時的 IPO 幾天後去註冊新用戶後，其本月交易量大幅放緩。監管機構隨後對科技和私立教育公司進行了打擊。

本週早些時候，美國證券交易委員會專員Allison Lee在接受路透社採訪時表示，在美國證券交易所上市的中國公司必須向投資者披露中國政府干預其業務的風險，作為其定期報告義務的一部分。

週五，路透社報導稱，該機構沒有處理中國公司證券的發行註冊，因正等待美國證券交易委員會關於如何要他們披露在中國面臨的風險的指導。

在路透社報導之後，Gensler 週五發表聲明說，鑑於北京的嚴厲打擊，他已要求員工在註冊生效之前,尋求中國公司的額外披露。

其中應包括披露投資者面臨“中國政府未來可能對運營公司的財務業績, 產生重大影響的行動的不確定性”, 以及某些合同安排的可執行性。

中國發行人還必須披露是否被中國當局拒絕批准在美國交易所上市，以及此類批准可能被拒絕或撤銷的風險。

此外，中國公司應披露中國法律何時要求其通過離岸空殼公司在美國上市，這要求會帶來額外的法律風險。

Gensler 說: “我相信這些變化, 將提高與中國運營公司有關聯的離岸發行人在註冊聲明中的整體披露質量” 。

最新一輪的攻勢

美國證券交易委員會的舉動代表了美國監管機構對中國企業的最新一輪攻勢。多年來，它們一直不願遵守美國的審計標準而使華爾街受挫。它們也不願改被善創始人緊緊抓住的公司的治理事務。

該委員會一直承受著來自美國立法者的巨大壓力，要求他們採取更強硬的立場。包括共和黨人John Kennedy和Bill Hagerty在內的一群參議員本周致信Gensler，敦促 “對美國上市的中國公司缺乏透明度的問題進行徹底調查” 。

上月，美國證券交易委員會罷免了上市公司會計監督委員會 (PCAOB) 的主席，該委員會在推動確保對在美國上市的中國公司進行獨立審計方面未能成功。 SEC 還面臨著壓力, 要敲定不符合美國審計要求的中國公司退市規則。

根據Refinitiv的數據，共有418家中國公司在美國交易所上市。追踪在美國上市的主要中國公司的美國存託憑證的標準普爾/紐約梅隆中國精選 ADR 指數今年迄今已下跌 22%。相對同期標準普爾 500 指數則上漲 18%。

滴滴之後，沒有一家中國公司在美國進行大型 IPO，因為中國的商界正試圖了解監管機構的意圖。

中國官員上週表示，他們將禁止以營利為目的的核心學校科目輔導，以緩解導致低出生率的家庭的經濟壓力，這對中國的私立教育行業造成了衝擊。此前，由於北京擔心公民個人數據的安全，對中國龐大的互聯網行業進行了廣泛整頓。

知情人士告訴路透社，中國證監會周三會見了全球投資銀行的高管，以平息金融市場的緊張情緒，向他們保證政策將更加穩健地推出以避免波動。

官方支持的報紙《中國日報》也表示，北京仍然支持尋求海外上市的國內公司。

一些中國公司本月主動取消了在美國的IPO。 在滴滴出現問題後不久，LinkDoc Technologies 就撤回了 2.11 億美元的募資，而 Hello Inc 本周宣布其美國上市計劃被擱置。

              So, SEC has asked its staff to "engage in targeted additional reviews of filings for companies with significant China-based operations”. Also, SEC is under pressure to finalize rules on the delisting of Chinese companies that do not comply with U.S. auditing requirements. Let’s wait and see what new measures will come out in the US in the near future.