China revised key rules for offshore listings, remove hurdle for audit cooperation with US

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China proposed changes to its confidentiality rules involving offshore listings, removing a legal hurdle to the cooperation with the US on audit oversight, in an attempt to resolve a long-standing dispute with Washington that could lead to delistings of many US-listed Chinese companies.

China will remove requirements that only Chinese regulators conduct on-site audit inspection of overseas-listed Chinese companies, according to the draft rules released by the China Securities Regulatory Commission . . .

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