Express
Senate Passed Bill Asking Foreign Companies to Prove Unrelated to Foreign Governments
Summary: CNBC reported the Senate passed a bill on Wednesday requiring foreign companies to certify that “they are not owned or controlled by a foreign government.” Upon the news, shares of Alibaba, the Chinese e-commerce giant, dropped by over 2%. CNBC wrote that lawmakers see the latest bill “aimed principally at Beijing,” and could stop many Chinese companies from listing shares on US exchanges.
CNBC reported the Senate passed a bill on Wednesday requiring foreign companies to certify that “they are not owned or controlled by a foreign government.” Upon the news, shares of Alibaba, the Chinese e-commerce giant, dropped by over 2%. CNBC wrote that lawmakers see the latest bill “aimed principally at Beijing,” and could stop many Chinese companies from listing shares on US exchanges.
The bill was sponsored by Louisiana Republican Senator, John Kennedy, who tweeted on Tuesday, “The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating on US stock exchanges. We can’t let foreign threats to American’s retirement funds take root in our exchanges.”
By Yiran Dai
Tags: China,Exchanges,Senate
Link: Senate Passed Bill Asking Foreign Companies to Prove Unrelated to Foreign Governments [Copy]
