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US Congress supports restriction on placement of Chinese shares

US Congress supports restriction on placement of Chinese shares

The U.S. House of Representatives has approved a bill on foreign corporate accountability that would restrict the placement of shares of Chinese corporations on U.S. stock exchanges.

Under the bill, foreign businesses must submit reports to U.S. regulators. If a company fails to meet the supervisory board's accounting requirements within three years, it will lose access to the exchange. Besides, he must declare if the business is controlled or owned by a foreign government.

The document is now to be handed over to U.S. President Donald Trump, who is expected to sign it.

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