Chinese regulator hopeful of agreement with US on audit issues

The cooperation and negotiation between the Chinese and US regulators over the audit issues for US-listed Chinese companies have been proceeding smoothly and a cooperative agreement can be achieved soon, said Fang Xinghai, vice-chairman of the China Securities Regulatory Commission on Thursday night.

Fang made such statements during the ongoing Boao Forum for Asia Annual Conference 2022. China will continue its high-level opening-up of the capital market, he said.

On one hand, continued efforts will be made to attract more foreign capital into the onshore stocks, futures and bond markets. More international leading financial institutions should be introduced to China to provide better services for investors.

There will be substantial net inflow of foreign capital into the Chinese capital market in 2022, said Fang. China's strong economic resilience, development potential, and paramount market size will lead to sustained economic growth, which will help attract more foreign capital and financial institutions, he added.

According to data from the public domain, at least 12 companies completed their initial public offering by mid April while 11 of them have seen prices falling below their IPO prices up to this date. Fang explained that companies should improve their pricing abilities. The large number of IPO cases so far this year is not the major reason for this.

The IPO prices can be set lower if the market does not show consent, said Fang.

shijing@chinadaily.com.cn