A group of Republican lawmakers are urging the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to investigate Chinese companies listed on U.S. stock exchanges, after “billions of dollars were snatched” from American investors following a crackdown on firms by officials in China. Senators John Kennedy (R-La.) Dan Sullivan (R-Alaska), Marsha Blackburn (R-Tenn.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Bill Hagerty (R-Tenn.) and Rick Scott (R-Fla.) sent a letter (pdf) to Gensler on July 28, referring to a situation involving Chinese vehicle-for-hire company Didi. Didi held its initial public offering (IPO) on the New York stock exchange earlier this month. Immediately following the IPO, the Chinese Communist Party’s (CCP) cyber arm, the Cyberspace Administration of China (CAC) opened an investigation into the company claiming that it violated Chinese private and national security laws and cut off downloads of its app. “Prior to the offering, Didi officials and …
GOP Senators Urge SEC to Investigate Chinese Companies on American Stock Exchanges
July 30, 2021
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