The China Securities Regulatory Commission (CSRC) said that it would change confidentiality laws that prevent its overseas-listed companies from providing sensitive financial information to foreign regulators. The rules were last updated in 2009 and are outdated, it said. This comes after the SEC last week said that China’s largest companies like Baidu and Yum China have three years to provide detailed audit documents to prevent getting delisted. Under the prior 2009 rules, the audit documents provided while listing Chinese entities were forbidden from being shares with foreign entities, FT notes. The change would be a first in allowing disclosure of financial information outside the country. However, US regulators dismissed the suggestion of an imminent deal that would halt the delistings countdown. Currently, around 270 Chinese companies are listed in the US with a combined market cap of over $2tn.
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