US regulators are demanding greater disclosure from New York-listed Chinese companies after new rules from Beijing wiped billions of dollars from Chinese education companies and compelled ride-hailing group Didi to delist from American exchanges.
The demands are contained in a disclosure guidance from the Securities and Exchange Commission that was released on Monday evening and seeks to reshape how Chinese companies present their businesses to investors.
In particular, the guidance calls on companies to provide more information on their use of variable interest entities (VIEs), an investment model in which foreign investors hold shares in offshore affiliates of onshore Chinese operating companies.
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