US Official Warns Significant Issues Remain on China Audit Talks
- US SEC official says potential deal is only a first step
- US, China in talks over allowing audit access to China firms
This article is for subscribers only.
Several hurdles remain to be resolved in an impasse over audits on US-listed Chinese firms to avoid forcing companies such as Alibaba Group Holding Ltd. and Baidu Inc. off American exchanges as early as next year, a Securities and Exchange Commission official said.
“While there has certainly been progress in the discussions on audit inspections in China and Hong Kong, significant issues remain,” said YJ Fischer, the director of the SEC’s office of international affairs, in a speech on Tuesday. Even if an agreement is reached, “it will only be a first step.”