The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.
An American depositary receipt is a negotiable security that represents securities of a foreign company and allows that company's shares to trade in the U.S. financial markets.
China Telecommunications Corporation, known as its trading name China Telecom, is a Chinese state-owned telecommunication company. It is the largest fixed-line service and the third largest mobile telecommunication provider in China. It has three listed companies: China Telecom Corporation Limited, China Communications Services Corporation Limited and Besttone Holding Co., Ltd..
The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exchange. The Shanghai Stock Exchange is the world's 3rd largest stock market by market capitalization at US$7.62 trillion as of July 2021. It is also Asia's biggest stock exchange. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors and often affected by the decisions of the central government, due to capital account controls exercised by the Chinese mainland authorities.
OTC Markets Group is an American financial market providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink.
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. All PCAOB rules and standards must be approved by the U.S. Securities and Exchange Commission (SEC).
Gary Gensler is an American government official and former investment banker serving as the chair of the U.S. Securities and Exchange Commission. Gensler previously led the Biden–Harris transition's Federal Reserve, Banking, and Securities Regulators agency review team. Prior to his appointment, he was professor of Practice of Global Economics and Management at the MIT Sloan School of Management.
China Medical Technologies, Inc. (CMED) was a Cayman Islands corporation based in China, currently in liquidation following fraud allegations. It purported to develop, manufacture, and market advanced in vitro diagnostic ("IVD") products using enhanced chemiluminescence ("ECLIA") technology, fluorescent in-situ hybridization ("FISH") technology, and surface plasmon resonance (“SPR”) technology to detect and monitor various diseases and disorders.
In corporate finance, a listing refers to the company's shares being on the list of stock that are officially traded on a stock exchange. Some stock exchanges allow shares of a foreign company to be listed and may allow dual listing, subject to conditions.
Xinhua Sports & Entertainment Limited (XSEL) was a Chinese media company which was delisted in 2011, as well as the arrest of top management of the firm. The company was known as Xinhua Finance Media Limited until 2009.
L&L Energy, Inc. was an American company headquartered in Seattle, Washington, in the business of producing, processing, and selling coal in the People's Republic of China.
Benjamin Wey is a Chinese-born US Wall Street financier and CEO of New York Global Group (NYGG). He began his financial career as an investment advisor and broker in Oklahoma in the late 1990s. Wey and NYGG were among the most active "facilitators and promoters" of reverse takeovers, which created Special-Purpose Acquisition Companies (SPAC) and allowed small Chinese companies to raise capital on U.S. markets, until reverse takeovers became the subject of a U.S. Securities and Exchange Commission investigation in 2011.
Cyren Inc. is a cloud-based, Internet security technology company providing security as a service (SECaaS) and threat intelligence services to businesses. Web security, DNS security, cloud sandboxing, inbound/outbound anti-spam services, real-time phishing detection and blocking, ransomware protection, URL filtering, IP reputation for email, malware attack detection, anti-malware and IP intelligence, botnet attack prevention, and cloud threat lookup. Cyren also provides endpoint protection, including anti-malware for mobile devices, URL filtering for mobile devices, and inbound/outbound Internet of Things (IoT) gateway protection. Major corporate clients using Cyren's services include Microsoft, Google, Check Point, Dell, T-Mobile, and Intel.
Kathleen M. Hamm is an American lawyer, federal regulator and fintech and cybersecurity expert, formerly a board member of the Public Company Accounting Oversight Board, and Counselor to the Deputy Secretary of the U.S. Department of Treasury for cyber policy and financial regulation. In April 2021, her alma mater, University at Buffalo School of Management, named her Accountant of the Year.
Chinese reverse mergers within the United States are accountable for 85% of all foreign reverse mergers in the early 21st century. A reverse merger, also known as a reverse takeover, is where a private company acquires a publicly traded firm or "shell company" that has essentially zero value on a registered stock exchange.
Luckin Coffee Inc. is a Chinese coffee company and coffeehouse chain. It was founded in Beijing in 2017. As of September 2021, it managed 5,671 kiosks. The company operates shops, stores, and kiosks that offer coffee, tea, and food. Customers need to download an app to order and pay for drinks online. The coffee chain headquarter is in Xiamen. Luckin Coffee quickly expanded over the years and outnumbered Starbucks in China by 2019.
The Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges Act was a proposed bill to amend the Sarbanes-Oxley Act to require the U.S. Securities and Exchange Commission to de-list foreign companies traded on U.S. stock exchanges that do not comply with oversight and audit rules. Under the bipartisan bill, foreign companies traded on U.S. stock exchanges that refused to allow the Public Company Accounting Oversight Board to inspect their financial records would face de-listing. The bill was introduced in 2019 by Marco Rubio and co-sponsored by Bob Menendez, Tom Cotton, and Kirsten Gillibrand. The bill was a response to the lack of financial transparency of Chinese companies listed on U.S. stock exchanges, often resulting from reverse mergers, and defrauding of investors.
MiMedx Group is a biomedical company based in Marietta, Georgia, founded in 2008. It is traded on the NASDAQ as MDXG. The CEO is Tim Wright. Using tissues from birth such as the placenta, amniotic sac, and umbilical cord, MiMedx creates skin for skin grafts. With the arrival of Wright in May 2019, the company accelerated the process of working with auditors and regulators to resolve legal and financial issues created by the previous management. Wright also began a cultural and financial turnaround, assembling a new senior management team by August 2019 to instill “transparency, truthfulness, and timeliness” in communications and business dealings. As of December 2020, the company had approximately 735 employees.
Trump Media & Technology Group (TMTG), also known as T Media Tech LLC, is an American media and technology company founded in January 2021 by former U.S. president Donald Trump. On January 1, 2022, Republican U.S. representative Devin Nunes resigned his House seat to become the organization's CEO. In February 2022, TMTG launched a social network called Truth Social.
