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Natural Disasters Plague China Raising Food Security Concerns

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Natural Disasters Plague China Raising Food Security Concerns AFP VI A GETTY I WEEK 33, 2020 M ag ES CHINA INSIDER FOOD SHORTAGE? NATURAL DISASTERS PLAGUE CHINA RAISING FOOD SECURITY COncERNS See Page 6 2 | CHINA INSIDER Week 33, 2020 Week 33, 2020 CHINA INSIDER | 3 GREG BAKER/AFP VIA GETTY IMagES CHINESE COMPANIES Chinese Firms Consider Delisting From NYSE, Nasdaq as US Pressure Grows EMEL AKAN In “The China Hustle,” a docu- listed companies to come into com- where the PCAOB can inspect the mentary released in 2018, David pliance with the new standards. work of their auditors but may have ASHINGTON—A My negotiations explained how Chinese companies The other recommendations a percentage of their operations rising number of over the last mislead U.S. investors through include requiring enhanced dis- in China or another jurisdiction Chinese compa- overstating their operations, reve- closures of the risks of investing where this is a problem,” he told nies are consider- 10 or 15 years nues, and profits. He helped expose in Chinese firms, reviewing the The Epoch Times. ing delisting from in China have $15 billion in fraud in U.S. capital risk disclosures of registered funds If it becomes law, Chinese com- Wthe U.S. stock exchanges as Wash- been that you markets and had 12 companies that have exposures to these firms, panies like PetroChina, Alibaba ington increases its crackdown delisted from the exchanges. requiring funds that track indexes Group, and Tencent will be forced on foreign companies that fail to really have to After the financial crisis of 2008, to perform more due diligence on to comply with the U.S. rules or lose comply with U.S. audit standards. push things to hundreds of Chinese firms listed an index and its index provider, access to the world’s largest capital Chinese online travel giant Ctrip the edge before on U.S. exchanges through reverse and issuing guidance to investment markets. is the latest company reportedly mergers with public but mostly advisers with respect to fiduciary “This is truly a no-brainer biparti- exploring going private. The com- there’s any dormant U.S. companies. Many obligations. san issue,” David said. pany has held early-stage talks with movement. I turned out to be frauds, the docu- “The recommendations outlined “It was gratifying to see a unani- a number of investors, including think [Chinese mentary showed. in the report will increase investor mous vote in the Senate. It should private equity firms and tech com- Another prominent whistleblower protection and level the playing be the same in the House. And it panies, about funding its delisting firms] are going of Chinese companies, Carson field for all companies listed on U.S. should get done. And if it doesn’t from Nasdaq, Reuters reported. to challenge Block, of Muddy Waters Capi- exchanges,” Treasury Secretary get done, China’s not going to If the deal goes through, Ctrip this to the last tal, recently helped uncover the Steven Mnuchin, who leads the change.” would join other companies delist- Luckin Coffee accounting fraud. working group, said in a statement. The trend of Chinese companies ing from the U.S. exchanges, amid minute. The shares of the Chinese cof- Meanwhile, the U.S. Congress delisting from U.S. exchanges is growing tensions between the Dan David, actvist feehouse chain crashed and were has taken action to protect Ameri- expected to continue. And the United States and China. short-seller Dan subsequently delisted from Nasdaq can investors and their retirement proposed crackdown in the United China’s largest online classifieds David after the company’s long history of savings. States is pushing Chinese compa- The entrance to a ByteDance office in Beijing on July 8, 2020. platform 58.com and Beijing-based financial crimes was exposed in an Sens. John Kennedy (R-La.) and nies to seek secondary listings in web-search company Sogou Inc. 89-page report by Muddy Waters. Chris Van Hollen (D-Md.) intro- Hong Kong. NATIONAL SECURITY are among the companies that The scandal was a wake-up call duced bipartisan legislation, the Nasdaq-listed gaming company recently announced potential del- for U.S. lawmakers, regulators, and Holding Foreign Companies Ac- NetEase and e-commerce giant isting of their shares from the New investors about the extreme risks countable Act, which passed the JD.com, for example, debuted in York Stock Exchange (NYSE). Chinese companies pose to U.S. U.S. Senate by unanimous consent the Hong Kong stock exchange in TikTok’s Parent Company Employs Chinese For more than a decade, Chinese capital markets, Block told CNBC. on May 20. The bill still awaits a June. companies have taken advantage of As of September last year, 172 vote in the House. Critics argue that if Chinese com- U.S. capital markets while operat- Chinese firms were listed on major Under the bill, foreign companies panies start leaving U.S. exchanges, ing under lax standards. U.S. exchanges, with a collective whose auditors fail to be inspected it could hurt financial-sector profits Communist Party Members in Its Highest Ranks Beijing has refused to allow audit market capitalization of more by the PCAOB for three consecu- and the global competitiveness inspections of its U.S.-listed com- than $1 trillion, according to the tive years will be subject to trading of U.S. markets. Over the past 15 Beijing-based ByteDance staffs Chinese Communist Party senior managers, highlighting TikTok’s security risks panies, citing state-secret laws. U.S.–China Economic and Security suspension. years, the U.S. stock exchanges, Hence, these firms don’t follow the Review Commission annual report. The bill would also require com- investment banks, and money- same disclosure requirements as The Public Company Accounting panies to disclose whether they are management firms have benefited NICOLE HAO mittee member’s full name, gender, James Carafano, vice president of news site Lei News. The tool com- their U.S. counterparts, creating Oversight Board (PCAOB), a U.S. owned or controlled by a foreign from the U.S. listing of Chinese birthday, date they joined the CCP, The Heritage Foundation’s Institute bines different collaboration apps risk for investors. watchdog, has long complained government, including China’s firms. U.S. lawyers and bankers ore than 130 employ- It’s a Chinese- ID numbers, and type of position in for National Security and Foreign into a single platform. In recent months, the White about the inability to inspect the communist regime. have earned fat commissions by ees at ByteDance, the company, such as managerial or Policy, said this level of CCP member- Meanwhile, Meng Haibo is director House and Congress have called audit work papers of these firms. taking these firms public. the Chinese owner owned technical. ship is typical for Chinese companies. of the public affairs department at for greater oversight of U.S.-listed A Bipartisan Issue Experts believe, however, the of video-sharing ap- company. ... The revelations come as the U.S. “All instruments of power are tied ByteDance, according to a 2018 re- Chinese companies. White House to Tighten Rules On May 22, Rep. Brad Sherman (D- greater oversight would pay off in plication TikTok, are You have no government intensifies scrutiny of back to the Communist Party, and port by Youth Hangzhou, a state-run Whistleblower and activist A working group appointed by Calif.) introduced identical legisla- the long term, as it would improve Mpart of a Chinese Communist Party TikTok and other Chinese-owned that includes economic instruments newspaper. He is in charge of “affairs short-seller Dan David believes President Donald Trump on Aug. tion in the House, which was later the investment environment. (CCP) committee embedded in the confidence in apps on national security grounds. of power,” Carafano told The Epoch related to government cooperation” the Chinese regime won’t change 6 released a report with a list of included in the National Defense “A U.S. listing has always been company. Many of the employees their handling U.S. officials have repeatedly sound- Times. and heads big data analysis projects, its behavior unless Washington recommendations to address risks Authorization Act of 2020. attractive to firms seeking visibility work in management positions, an of data. And ed the alarm that American personal He said that in China, there is no according to the report. pushes for more accountability. posed by the Chinese companies in Some lawmakers, however, are and foreign currency. The new law internal document reveals. data collected by TikTok could be ac- transparency about links between Dang Liya, a senior manager of “My negotiations over the last 10 U.S. financial markets. trying to determine whether any won’t diminish this,” Shang-Jin The extent of CCP membership you have no cessed by Beijing, as Chinese compa- private companies and the CCP, thus ByteDance’s language training apps, or 15 years in China have been that The working group has recom- changes are needed in the bill so it Wei, professor of Chinese business among ByteDance management confidence nies are beholden to the CCP. “these companies literally can’t be joined the Party in 2013. you really have to push things to mended that the Securities and Ex- doesn’t hurt companies that have and economy at Columbia Business further demonstrates the company’s that they’re ByteDance didn’t respond to a re- treated and trusted the way you Other staff on the list are lower-level the edge before there’s any move- change Commission take measures small operations in China, accord- School wrote in an article in Project ties to the Chinese regime, fueling quest for comment.
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