The CSRC held a video exchange today with some US-listed Chinese companies and investment firms to hear their views on the recent situation with China-concept stocks.
The Chinese securities regulator is continuing to increase its efforts to keep US-listed Chinese companies from being threatened with delisting.
The China Securities Regulatory Commission (CSRC) held a video exchange on March 27 with some US-listed Chinese companies and investment institutions to hear their views on the recent situation of China-concept stocks, according to a report today in the official China Securities Journal.
The report did not provide details about the exchange, but cited industry sources close to the regulator as saying that both US and Chinese regulators are fully aware of each other's concerns and are working together.
Both sides are working to find solutions to problems in order to achieve effective and sustainable cooperation as soon as possible, the report said.
This is in the best interest of the capital markets of both countries and global investors, the source said.
The CSRC did not disclose details of its negotiations with US regulators, but said both sides have demonstrated a positive willingness and pragmatic approach to resolving issues and have continued efficient, frank and professional consultations in recent days, according to the report.
The CSRC cautioned that there has been a lot of speculation in the media recently about the details and direction of the cooperation between the two sides by some media who do not have the actual situation, causing unnecessary disruptions to market expectations, the report said.
The CSRC hopes market participants will take the information publicly disclosed by the regulators of both sides as the basis and not blindly follow the trend, according to the report.
The good interaction between Chinese and US regulators in recent months is expected to break the long-standing deadlock in audit and regulatory cooperation, and it is believed that the regulators on both sides are capable of reaching a cooperation arrangement from a professional perspective as soon as possible, the report quoted a senior accountant as saying.
Separately, the CSRC is actively supporting local companies to list in the US, according to a report by Yicai today.
After communication and coordination with regulatory authorities in the relevant industries, the CSRC recently issued no-objection responses to applications from companies including ZKH Industrial Supply to list in the US, according to Yicai.
This indicates that Chinese regulators are actively implementing the message of the State Council Financial Stability and Development Committee (FSDC) at its March 16 meeting to continue to support eligible companies to list abroad and work to keep the channels for overseas listings open, the report said.
CnEVPost previously reported that the March 16 FSDC meeting mentioned that the Chinese government continues to support all types of companies to list abroad.
On Friday, the message released by US regulators led to another plunge in Chinese companies' stock prices.
Speculation about a final agreement on accounting regulation between the Public Company Accounting Oversight Board (PCAOB) and the Chinese side is premature, Caixin said in a report on Friday, citing a statement.
The Nasdaq Golden Dragon China Index (INDEXNASDAQ: HXC) fell 4.68 percent Friday, and shares of electric vehicle companies also suffered a sell-off, with NIO (NYSE: NIO, HKG: 9866) down 9.42 percent, XPeng Motors (NYSE: XPEV, HKG: 9868) down 7.55 percent and Li Auto (NASDAQ: LI, HKG: 2015) down 5.24 percent.
PCAOB sees no room for compromise on audit issues, report says