Highly paid Democrats appointed by Biden took control of the PCAOB and allowed Chinese companies to raise more than $1 trillion from American retail investors despite knowing many of these deals were fraudulent. In 2022, Biden’s PCAOB negotiated and signed a China-favorable deal under intense political and market pressure to avoid mass delistings, with longtime Democrat regulatory insider Erica Y. Williams as its chief architect. Although statute and tradition require political balance on the PCAOB board, Biden appointees held total control, sidelining the lone Republican, Christina Ho, whose warnings were ignored. While Williams was removed this summer, the board remains dominated by highly paid Democrats: Christina Ho’s term ends in two weeks, Chairman George Botic, appointed by Biden, serves through the end of Trump’s term, Kara Stein remains for another year, and Anthony Thompson for two more. SEC Chair Paul Atkins set an August 25 deadline for new board applications, yet no public changes have been announced. The deal itself never resolved the core conflict; it only delayed enforcement while China ran out the clock, and Biden’s PCAOB has failed to act. Kyle Bass is right. The PCAOB must act now.
It is a bunch... There are 40-something audit firm and we've only audited 7 of them - and they all failed. These firms are the firms we allow them to use to audit the Chinese companies on our exchanges. If we enforced the law they would all delist and Wall Street would not be happy.
Names hardly matter apparently. No Chinese firm would pass an audit it seems. Thus all should be delisted until cleared audits. Wonder if Trump/DOGE was ever aware. Board salaries seem excessive. But such a no action job just to be a flack for China.
20% bull, should be 60% and would still be big money. But first their salaries should be stopped until they actually earn it, which looks like they have not.
Caveat emptor. Assuming that our government will protect us from fraudulent Chinese companies is not a good bet. Anyone with enough money to consider investing in Chinese stocks should be aware of the risk. I certainly am, and I wouldn't touch Chinese stocks with a ten-foot pole.
From the first opening of China's markets by Nixon, I've believed it was a terrible error in judgment. Rather than creating an open system of commerce leading to freedom for the Chinese, the Communists morphed into a system that cheats, steals, and conquers markets, with endemic systemic and individual corruption that also corrupts officials and power brokers internationally - including members of Congress, legislators, and academics. The Chinese government is, and has been, preparing for a kinetic war with the West. We will likely not stop unjustly enriching the Chinese government until we either release our delusions or the Chinese dispel them by destroying our military forces.
Highly paid Democrats appointed by Biden took control of the PCAOB and allowed Chinese companies to raise more than $1 trillion from American retail investors despite knowing many of these deals were fraudulent. In 2022, Biden’s PCAOB negotiated and signed a China-favorable deal under intense political and market pressure to avoid mass delistings, with longtime Democrat regulatory insider Erica Y. Williams as its chief architect. Although statute and tradition require political balance on the PCAOB board, Biden appointees held total control, sidelining the lone Republican, Christina Ho, whose warnings were ignored. While Williams was removed this summer, the board remains dominated by highly paid Democrats: Christina Ho’s term ends in two weeks, Chairman George Botic, appointed by Biden, serves through the end of Trump’s term, Kara Stein remains for another year, and Anthony Thompson for two more. SEC Chair Paul Atkins set an August 25 deadline for new board applications, yet no public changes have been announced. The deal itself never resolved the core conflict; it only delayed enforcement while China ran out the clock, and Biden’s PCAOB has failed to act. Kyle Bass is right. The PCAOB must act now.
A few of you have asked for the Chinese companies that are listed on our exchanges. Here are a bunch, but this is not an exhaustive list.
Alibaba Group • BABA, Pinduoduo Inc. • PDD, NetEase, Inc. • NTES, JD.com, Inc. • JD, Trip.com • TCOM, Baidu, Inc • BIDU, Li Auto • LI, KE Holdings • BEKE, BeiGene • ONC, Tencent Music • TME, Xpeng • XPEV, Yum China • YUMC, ZTO Express • ZTO, Full Truck Alliance • YMM, H World Group • HTHT, Bilibili Inc. • BILI, NIO Inc. • NIO, Vipshop Holdings • VIPS, TAL Education • TAL, New Oriental • EDU, ZEEKR Intelligent • ZK, Kanzhun Limited • BZ, GDS Holdings • GDS, Qifu Technology, • QFIN, Miniso • MNSO, Pony AI Inc. • PONY, WeRide Inc. • WRD, Kingsoft Cloud • KC, Atour Lifestyle • ATAT, Zai Lab Limited • ZLAB, RLX Technology • RLX, Autohome Inc. • ATHM, VNET Group Inc • VNET, HUTCHMED (China) • HCM, Tuya Inc. • TUYA, Lufax • LU, Weibo Corporation • WB, JOYY Inc. • YY, iQIYI, Inc. • IQ, Hesai Group • HSAI, FinVolution Group • FINV, LZ Technology • LZMH, Ascentage Pharma • AAPG, ACM Research, Inc. • ACMR, Lexin Fintech • LX, Ehang • EH, Li Ning Company • LNNGY, Hainan Manaslu Acquisition Corp. • HMAC, HUYA Inc. • HUYA, 3SBio Inc • SSRM, AirNet Technology Inc. • ANTE, BOQii Holding Limited • BQ, Niu Technologies • NIU, Pop Culture • CPOP, PlainID? • PLIN, 17 Education & Technology • YQ, FangDD Network Group • DUO, China Liberal Education • CLEU, China Automotive Systems • CAAS, NaaS Technology • NAAS, Futu Holdings • FUTU, Zhibao Technology • ZBAO, OneConnect Financial Technology • OCFT, So-Young International • SY, LightInTheBox • LITB, Baozun Inc. • BZUN, NetDragon Websoft • NETD, Yatsen Holding • YSG, Pintec Technology • PT, Dada Nexus • DADA, Aurora Mobile • JG, Sunlands Technology • STG, China Jo-Jo Drugstores • CJJD, Jowell Global • JWEL, Qudian Inc. • QD, iClick Interactive Asia • ICLK, 51Talk Online Education Group • COE, Vivi? • VVPR, WeWork? • WEWK, Yonghe Medical Group • YHE, Jianzhi Education Technology • JZ, Missfresh • MF, Youdao • DAO, Leju Holdings • LEJU, China Online Education • ZME, Bit Digital • BTBT, SOS Limited • SOS, LianBio • LIAN, Cheetah Mobile • CMCM, Xunlei Limited • XNET, 360 DigiTech • QFIN, ZhiHu Inc. • ZH, Jumia? • JMIA, Gaotu Techedu • GOTU, Vasta Platform • VSTA, Luokung Technology • LKCO, Niu? • NIU, Daqo New Energy • DQ, JinkoSolar • JKS, JA Solar? • JASO, Canadian Solar? • CSIQ, SunPower? • SPWR, China Biologic Products • CBPO, WuXi AppTec? • WX, WuXi Biologics? • WXXWY, 111 Inc. • YI, 51job? • JOBS, Fang Holdings • SFUN, China Finance Online • JRJC, CBAK Energy • CBAT, Recon Technology • RCON, Polar Power? • POLA, Jumei International • JMEI, Tuniu Corporation • TOUR, Hexindai • HX, Yiren Digital • YRD, Puxin Limited • NEW, Xinyuan Real Estate • XIN, China Green Agriculture • CGA, China Natural Resources • CHNR, China HGS Real Estate • HGSH, Taoping Inc. • TAOP, China Index Holdings • CIH, China Youzan? • YZ, NIO? • NIO, Cango Inc. • CANG, Q&K International • QK, China SXT • SXTC, Universe • UPC, Kaixin Auto • KXIN, Ucommune • UK, X3 Holdings Co Ltd • XTKG
In the end, you're asking elected midwits to take action against their appointed corrupt friends. This seems to me to be the entire DC playbook.
The names of the Chinese firms might be useful data. Guess Grok to the rescue.
It is a bunch... There are 40-something audit firm and we've only audited 7 of them - and they all failed. These firms are the firms we allow them to use to audit the Chinese companies on our exchanges. If we enforced the law they would all delist and Wall Street would not be happy.
Names hardly matter apparently. No Chinese firm would pass an audit it seems. Thus all should be delisted until cleared audits. Wonder if Trump/DOGE was ever aware. Board salaries seem excessive. But such a no action job just to be a flack for China.
There is a proposal to reduce their salaries by 20%.
20% bull, should be 60% and would still be big money. But first their salaries should be stopped until they actually earn it, which looks like they have not.
How about reduce pay by 100% until ANY kind of worth has been proven?!
Caveat emptor. Assuming that our government will protect us from fraudulent Chinese companies is not a good bet. Anyone with enough money to consider investing in Chinese stocks should be aware of the risk. I certainly am, and I wouldn't touch Chinese stocks with a ten-foot pole.
From the first opening of China's markets by Nixon, I've believed it was a terrible error in judgment. Rather than creating an open system of commerce leading to freedom for the Chinese, the Communists morphed into a system that cheats, steals, and conquers markets, with endemic systemic and individual corruption that also corrupts officials and power brokers internationally - including members of Congress, legislators, and academics. The Chinese government is, and has been, preparing for a kinetic war with the West. We will likely not stop unjustly enriching the Chinese government until we either release our delusions or the Chinese dispel them by destroying our military forces.
Anyone who trusts Chinese accounting deserves his fate.
Anyone who thinks a "nonprofit" company established/hired by Congress will act in the best interests of the USA is nuts.