US steps up disclosure pressure on Chinese companies

WASHINGTON (AP) — Chinese companies will have to disclose more information about audits and whether they are controlled by a government or else leave U.S. stock markets under a rule approved by securities regulators. The rule approved by the Securities and Exchange Commission steps up a long-running standoff between Washington and Beijing over how much information companies with U.S.-traded shares must disclosed. Companies that used an auditor in a foreign jurisdiction will be required to confirm they are not “owned or controlled by a government entity” there. They also will be required to disclose additional information in annual reports.