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Search resuls for: "Michelle Chan"


11 mentions found


☆ Chinese Education Stocks Gain After Post-Crackdown Business Overhauls
  + stars: | 2023-01-27 | by ( Michelle Chan | ) www.wsj.com   time to read: 1 min
A Beijing outlet of an educational-services provider owned by TAL Education Group, pictured when China clamped down on for-profit academic tutoring. A year and a half after Beijing’s crackdown on after-school tutoring businesses, the American depositary receipts of Chinese education companies have recouped some of their heavy losses, thanks to business revamps that include selling king prawns and vegetables online. The partial recovery has taken place as the companies have found new sources of revenue—such as e-commerce—and made further inroads into college-test preparation, adult-education programs and nonacademic courses such as robotics and art. That has enabled some of them to grow again from a new low base.
☆ U.S. Regulator Says It Has Access to Audit Papers of Chinese Companies
  + stars: | 2022-12-15 | by ( Jing Yang | Michelle Chan | ) www.wsj.com   time to read: 1 min
The Public Company Accounting Oversight Board said it has secured complete access to inspect China-based audit firms for the first time in history, resetting a three-year delisting clock for Chinese companies on American stock exchanges. The U.S. audit regulator said Thursday its recent inspection of these accounting firms was conducted without consultation or input from Chinese authorities.
☆ Macau Under Spotlight Amid U.S. Inspections of China-Based Audits
  + stars: | 2022-11-13 | by ( Mark Maurer | ) www.wsj.com   time to read: +8 min
The PCAOB, which began inspections of China-based audits in September, will decide by year-end whether China is complying with the agreement. “We do not know if these firms, especially in the U.S., have been adequately supervising the Macau firms,” she said. The Macau firms’ work isn’t immune from PCAOB inspection. PwC Macau is a separate legal entity, but it is run as part of the firm’s China operations, a spokesman said. “The China firm is taking responsibility, treating it as a branch office,” Ms. McKenna said.
☆ Chinese Shares Surge as Covid Reopening Hopes Emerge, U.S. Audit Inspections End
  + stars: | 2022-11-04 | by ( Jing Yang | Rebecca Feng | Michelle Chan | ) www.wsj.com   time to read: 1 min
Shares of Chinese companies listed in Hong Kong jumped on Friday, after U.S. officials wrapped up a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its strict coronavirus policies. The Hang Seng Index closed the day more than 5% higher after Chinese stocks in a variety of sectors saw heavy buying. Tech giant Alibaba Group Holding Ltd., vehicle maker Geely Automobile Holdings Ltd. and restaurant chain Haidilao International Holding Ltd. were all up by double-digits in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite Index was 2.4% higher.
☆ U.S. Pensions Take a Fresh Look at China
  + stars: | 2022-10-29 | by ( Heather Gillers | Michelle Chan | ) www.wsj.com   time to read: 1 min
The California State Teachers’ Retirement System, based in West Sacramento, began searching in August for dedicated China stock managers. U.S. public pension funds are splintering in their approach to China, reflecting rising investment risks and the increasingly fractious politics of the two largest global economies. Retirement-plan officials are staking out a range of positions. California’s teacher-pension fund launched in late August a search for its first dedicated China stock managers, while Texas’ teachers retirement fund is cutting its China stock allocation by half. Florida’s public-worker fund earlier this year halted new investment strategies in China, citing past crackdowns on education and tech companies.
☆ Shares in Chinese Companies Crash After Xi Jinping Stacks Party With Allies
  + stars: | 2022-10-24 | by ( Vicky Ge Huang | Michelle Chan | ) www.wsj.com   time to read: 1 min
U.S.-listed Chinese stocks plunged to their lowest level in nearly a decade, losing tens of billions of dollars in market value on Monday, one day after President Xi Jinping secured a third term as leader of the Communist Party. The Nasdaq Golden Dragon China Index, which tracks dozens of Chinese companies listed on American exchanges, fell more than 14% to its lowest close since April 2013, erasing $73.4 billion in market cap since Friday’s close through Monday, according to Dow Jones Market Data.
☆ U.S.-Listed China Stocks Crash After Xi Jinping Stacks Party With Loyalists
  + stars: | 2022-10-24 | by ( Vicky Ge Huang | Michelle Chan | ) www.wsj.com   time to read: 1 min
U.S.-listed Chinese stocks lost tens of billions of market value on Monday as investors weighed the outcome of the Chinese Communist Party’s national congress meeting over the weekend. The Nasdaq Golden Dragon China Index, which tracks dozens of Chinese companies listed on American exchanges, fell more than 14% to its lowest closing level since April 2013, erasing $73.4 billion in market cap since Friday’s close through Monday, according to Dow Jones Market Data.
☆ Nasdaq Freezes Chinese Small-Cap IPOs After Price Spikes
  + stars: | 2022-10-22 | by ( Michelle Chan | ) www.wsj.com   time to read: 1 min
The Nasdaq Stock Market’s pause on new listings of small-cap Chinese companies adds more bad news for those companies still hoping to raise money and go public in the U.S. The Nasdaq Stock Market has quietly halted listings of small-cap Chinese companies, holding up approval letters and demanding more information about related parties in deals, after a series of meteoric run-ups—and dramatic collapses—in IPOs this year. Shares of more than 20 recently listed companies have risen over 100% on their first day of trading. They include Hong Kong-based fintech company AMTD Digital which briefly jumped over 320-fold after its July listing, and Chinese garment maker Addentax Group which rose more than 130-fold on its market debut in August. The two stocks have since lost more than 98% of their value.
☆ China’s Internet Lenders Feel Pain of Economic Slowdown
  + stars: | 2022-09-23 | by ( Michelle Chan | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinas-internet-lenders-feel-pain-of-economic-slowdown-11663925403
☆ Audits of Chinese Companies Start to Face U.S. Inspections
  + stars: | 2022-09-22 | by ( Michelle Chan | ) www.wsj.com   time to read: 1 min
U.S. regulators have started inspecting China-based audits, kicking off a monthslong process that will determine whether companies from Alibaba Group Holding Ltd. to Yum China Holdings Inc. can remain listed on American stock exchanges. The inspection, which is set to last eight to 10 weeks in Hong Kong, would allow the U.S. audit watchdog to decide by the end of this year whether China is honoring a landmark agreement to give U.S. accounting inspectors full access to audit working papers of New York-listed Chinese companies.
☆ Chief Financial Officer News
  + stars: | 2022-09-19 | by ( Mark Maurer | Kristin Broughton | Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +1 min
Vanna Krantz, a former Disney executive, was named chief financial officer, as company also named a new CEO. FASB Moves Forward With New Disclosure Requirements for Joint VenturesJulie Whalen will join the online travel company later this month, after a decade as finance chief of Williams-Sonoma. Shopify Hires Morgan Stanley Investment Banker as Its Next CFO Shopify named investment banker Jeff Hoffmeister as its next chief financial officer, a move that comes after the e-commerce company in July said it would cut its workforce by 10%. Grab Zeroes In on Costs as Super App Looks to Cut Losses Grab’s finance chief is pruning the company’s spending as the ride-hailing and food-delivery app looks to get closer to break-even. SEC Warns Chinese Companies About Risks of Auditor Changes As businesses switch auditors to avoid U.S. delistings, the agency’s acting chief accountant warns of potential investigations and enforcement actions.
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