China will leave US with ‘fraudulent companies’ on stock exchange, market expert warns
China won't comply with US audit rules, Dan David says
During an interview on "Mornings with Maria" market expert Dan David said that he does not believe China will follow through with policy measures or reach an agreement with the U.S. on audit rules.
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DAN DAVID: This started in 2010, and China has effectively slow walk this for the last 12 years with rhetoric like this every once in a while, there's a… great headline, especially when China's stock market is tanking like it had been for the last week, especially when they're having their COVID lockdowns again. But really, what they're doing is taking their biggest and their best companies, and they're listing them in Hong Kong as well since they now took over Hong Kong. And it should not have the autonomous status that we have given them in the past, and they're going to leave us with the companies that are still fraudulent, quite frankly, how many have we exposed? We've had 12 companies that we've exposed that have been kicked off the exchange and more. So I don't think they comply with audit rules because a lot of them are frauds.
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WATCH THE FULL INTERVIEW HERE: