New Oriental’s Hsieh Says SEC Push May Lead to Losing Situation
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A U.S. regulatory move to sanction auditors for blocking investigations of China-based companies may lead to a “lose-lose” situation for the U.S.-listed companies and investors, New Oriental Education & Technology Group Inc. said.
On Dec. 3, the U.S. Securities and Exchange Commission took enforcement action against China-based affiliates of the Big Four accounting firms, escalating a three-year impasse between the two nations over whether auditors can share work documents. Failure to reach an agreement may prompt regulators to seek to delist Chinese companies.