"We would concentrate on having sound businesses and finance so as to realize healthier development," said Leslie Yu, chairman and CEO of Quhuo, at an online meeting with media representatives on Friday.
In response to inquiry about risks brought by a U.S. bill known as Holding Foreign Companies Accountable Act, Yu told Xinhua that he is very confident about the accuracy of Quhuo's financial reports.
Yu said Quhuo+, a proprietary management platform of Quhuo, keeps all operational data and Quhuo's data is compatible with the data of external clients with financial reports generated every two days for each business activity.
Though short-term external developments could happen any time, "we believe operating results and the potential of our sustainable development are what the capital market really cares about," Yu stressed.
Many Chinese companies listed on New York Stock Exchange (NYSE) and Nasdaq face a substantial risk of delisting if U.S. regulators cannot have access to audit reports of overseas companies floated on U.S. exchanges for three consecutive years, according to the act, which was passed at the U.S. Senate in May but is held at the U.S. House of Representatives right now.
Multiple China-based companies listed on U.S. exchanges have resorted to dual listings on Hong Kong Exchanges and Clearing Limited in a bid to avoid impacts of the delisting risk and others.
Still, as many as 11 China-based companied have staged their initial public offerings on NYSE or Nasdaq since May 1, 2020, according to statistics with Bloomberg.
China Securities and Regulatory Commission has denounced the U.S. bill, calling on both sides to push forward joint inspections of relevant accounting firms through friendly consultation on an equal footing and in line with common international practices of cross-border cooperation on audit regulation.
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