![]() ![]() ![]() TME states its “ADSs may delisted and our ADSs and shares prohibited from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act” if the PCAOB is unable to inspect or fully investigate auditors located in China. Running afoul of the PCAOB could have serious consequences. regulator to have access to Chinese companies’ sensitive financial information – even though “that could deprive investors of the benefits of such inspections.” to submit to audits by the Public Company Accounting Oversight Board. law passed in 2021 that requires foreign companies listed in the U.S. TME’s annual report also includes several mentions of the risks related to the Holding Foreign Companies Accountable Act, a U.S. ![]() Still, TME’s detailed explanations underscore the seriousness of the threats. These risks were previously known and helped TME’s share price drop precipitously in the past year. Two topics dominate the new disclosures: The People’s Republic of China government’s heightened regulations and new U.S. The new risk factors in TME’s 2022 annual report are further evidence of the challenges facing both TME and its investors. The Ledger: Deezer Fell Behind as Music Subscriptions Exploded ![]()
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