Multiple potential witnesses pulled out of a congressional committee hearing on U.S.–China economic relations because of fear of backlash from the Chinese Communist Party (CCP), according to Rep. Brad Sherman (D-Calif.), chairman of the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. Sherman made the disclosure at the outset of the Oct. 26 hearing, which was convened to examine risks to U.S. investors posed by Chinese companies and other foreign issuers. ................
The hearing touched on a wide array of China topics—including IP theft, espionage, and the CCP’s treatment of the Uyghur Muslims—but was focused on U.S. investors buying stock in Chinese companies. The hearing follows the disastrous initial public offering by Chinese ride-hailing company Didi Global Inc. in June, when it raised $4.4 billion in U.S. markets only to have the Chinese regime begin an investigation into the firm days later—causing Didi’s stock to tank.............. China’s restrictions on foreign ownership of its companies are seen as a major reason for much of this risk.............To Read More....
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