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Chinese leader at the US Congress has lashed out at Chinese rallies in the US after he launched a campaign to promote the cause of Didi Chuxing, while the show drew attention to Washington.
Marco Rubio, a Florida Republican senator, told the Financial Times in a statement that it was “reckless and careless” to allow Didi, who described him as an “unknown Chinese company”, to sell shares on the New York Stock Exchange.
He also said that Breaking the rules from Beijing which led to the atrocities share decreases imitation IPO “also highlights the risks” for US investors in Chinese companies.
“Despite the growing number of stocks, American investors are still unaware of the company’s financial strength because the Communist Party in China is barring US officials from reviewing the books,” Rubio said. “This puts the retirement savings of American retirees at risk and bribes require US money in Beijing.”
Rubio’s comments show how the troubled Didi IPO could lead to a new attempt by Congress to put stickers on China’s list in the US.
Last year, former President Donald Trump signed stricter laws against Chinese stockbroking companies in the US after a congressional hearing.
The law prohibits companies from being named in the US if they can failed to provide unit from the Washington-based Public Company Accounting Oversight Board for three consecutive years.
But Chinese diplomats in Washington believe the regulation should be the starting point for stabilization in major markets between the two countries.
“This fiasco will only strengthen the determination of many on Capitol Hill and elsewhere to seek greater US security in the case of Chinese companies in our major markets,” said Roger Robinson, former chairman of the DRM US-China Economic and Security Review Commission.
Robinson, now head of the RWR Advisory Group, a Washington-based co-founder, added that the story served “as a new memorable Wall Street obscure [the communist party’s] market trends and party negligence ignoring mistakes. ”
Washington’s focus on China’s list in the US was launched when regulators accused Luckin Coffee, a Chinese coffee company, of fraudulent business practices, forcing the company to pay $ 180m. Earlier this year, Luckin shipped in defense of bankruptcy in the US.
But while U.S. officials during Trump’s administration took the lead in banning Chinese bells from the US, Biden’s management has not yet commented on Didi IPO. The US Treasury Department declined to comment, as did the Securities and Exchange Commission.
Additional reports of Kiran Stacey in Washington
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