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Close -- -- are talking China now and they're -- on the US this is.
Not good to Shanghai one Shanghai based company announcing this week it's buying back its US traded shares and going Friday.
This along with a growing number of other Chinese companies looking to leave the US market.
-- I think this exodus Peter Barnes.
Peter back from China with more.
Yet again I was just over there for some -- -- fascinating.
Country and but that I didn't I didn't but I didn't.
New research this particular one supple I'll try right now now in part this is a fight.
Over financial reporting by Chinese companies the SEC.
Has accused numerous Chinese companies of fraud and dishonest accounting.
Shares of some of these companies trading here have tanked over accounting questions as part of a turf war between the SEC and Chinese regulators the SEC the Chinese are not tough enough -- financial regulation giving some -- -- companies the opportunity.
To hide irregularities.
But China says this is a sovereignty issue it insists it remain the -- it remains the primary regulator of companies based in China even if they trade on US exchanges.
The main issue is that -- the US regulators are wanting to see the work of the China based accounting firms and of course the Chinese regulators.
Don't really want to share some of this information with the US side and so there's a big debate now whether or not the US -- is gonna be allowed to have this information.
If they're not allowed to have that information will they then except the accounting reports done by these China based accounting firms.
And here's some of the Chinese companies that have left US exchanges -- recently some are going private saying that their shares are undervalued but others have faced accounting questions.
SEC chairman Mary Schapiro was in China in July for meetings on the accounting regulation fight and other issues -- to see of course one better better protections for US investors but one of the issues here is whether or not this fight.
Could deny Chinese companies access to US capital markets and and US investors the opportunity to invest in -- Chinese companies some of which.
Might be the next Microsoft who knows lord knows -- Peter Peter Barnes.
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