The post PCAOB To Inspect 100% Of China Auditors, Foreign Investors Return appeared on BitcoinEthereumNews.com.

CLN KraneShares Key News Asian equities were mixed but mostly higher overnight as foreign investors bought over $1 billion worth of Mainland China stocks. With profound respect and deep sorrow, we at KraneShares mourn the passing of Dr. Henry A. Kissinger, our 56th Secretary of State, venerable centenarian, and esteemed scholar of international relations. The US Public Company Accounting Oversight Board (PCAOB) announced fines for auditors PWC PWC Hong Kong and PWC China resulting from on-the-ground audit reviews this year and last. The silver lining here is that, in the same release, the Board confirmed that it will be able to inspect all auditors of US-listed Chinese companies after being granted full access in 2022. “Together, the firms we inspected in 2022 and 2023 audited 99% of the total market cap of U.S.-listed companies audited by Hong Kong and mainland China firms, and we are on track to inspect firms that audited 100% of the total market cap by the end of 2024,” said PCAOB Chair Erica Y. Williams. With most indicators pointing to a long pause in rate hiking by the US Fed and some analysts even anticipating rate cuts next year, investors are turning more bullish on EM equities. We have seen a flurry of research reports recommending China allocations for the first time in at least one year as banks and asset managers begin to publish their 2024 outlooks. This is already being reflected in the performance of China’s currency versus the US dollar. The Renminbi has gone from 7.29 per USD to 7.14 in just two weeks. Streaming and gaming platform Bilibili reported Q3 earnings yesterday. The company’s top line revenue was just slightly above estimates while net profit came in below estimates. The company reported earnings per share (EPS) of RMB -2.1 compared to an…

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Filed under: News - @ November 30, 2023 4:18 pm