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US SEC to require new disclosures from Chinese-linked shell companies before allowing them to sell shares in US

( July 30, 2021, 17:05 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission plans to require new disclosures from offshore shell companies associated with a China-based operating company before letting them sell stock in the US, SEC Chairman Gary Gensler said. “I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company,” he said. The SEC will require Variable Interest Entities and other types of shell companies often based in the Cayman Islands to disclose their financial and management relationships with Chinese-based operating companies in light of recent Chinese restrictions on companies raising capital overseas.See statement below....

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