No fools, those Chinese
August 14, 2012
Chinese companies pull out of US stock markets
Chinese firms leave US stock markets amid complaints about price, accounting scrutiny
By Joe Mcdonald, AP Business Writer | Associated Press
BEIJING (AP) -- Just a few years after Chinese companies lined up to sell shares on Wall Street, a growing number are reversing course and pulling out of U.S. exchanges.
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Smaller companies also are withdrawing from U.S. exchanges. In a sign of official encouragement, a Chinese business magazine said a state bank has provided $1 billion in loans to help companies with listings abroad move them to domestic exchanges.
The withdrawals follow accusations of improper accounting by some companies and a deadlock between Beijing and Washington over whether U.S. regulators can oversee their China-based auditors.
More: http://finance.yahoo.com/news/chinese-companies-pull-us-stock-095649722.html
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