(Beijing / New York / Hong Kong Comprehensive News) The Accounting Supervision Committee of the U.S. listed company (PCAOB) announced on Friday (August 26) that it signed an audit supervision and cooperation agreement with the China Securities Regulatory Commission and the Ministry of Finance, which willGo to China to review the audit draft of Chinese companies listed in the United States.The China Securities Regulatory Commission stated on the same day that the signing of the agreement marked that the two parties have taken a key step in solving the issue of Sino -stock audit supervision through strengthening cooperation.

The accounting supervision committee of the US listed company issued a statement on the official website saying that this is the first step to open a complete inspection and investigation to the committee to register a public accounting company.But the real test will be whether the written agreement can be completely transformed in practice.

Statement said that the agreement allows the committee to have a complete free discretion in choosing investigation companies, audit business, and potential illegal behavior. There is no need to negotiate with relevant Chinese departments, nor do they need to provide opinions.The committee inspection and investigators checked the complete audit draft containing all the information, and the procedures that retain the information when needed are already in place.The committee has the right to directly access all the people related to the audit work inspected or investigated and obtain their testimony.

The China Securities Regulatory Commission said in a statement on the same day that both China and the United States can conduct inspections and investigations in accordance with the legal duties and conduct an inspection and investigation in accordance with the cooperation agreement.Full assistance.The scope of the agreement includes assisting the other party to conduct inspections and investigations of relevant firm.Among them, the scope of assistance in China also involves part of the audit services to China Stocks, and the audit draft is stored in the Hong Kong firm on the mainland.

The

statement also said that the two parties will communicate and coordinate on the inspection and investigation plan in advance. The United States must obtain documents such as the audit draft through the Chinese regulatory authorities, and conduct interviews and inquiries on relevant accounting firms with the participation and assistance of China.

There is a clear agreement on the processing of sensitive information

The

statement also mentioned that the cooperation agreement made a clear agreement on the processing and use of sensitive information in audit supervision and cooperation, and set special processing procedures for specific data such as personal information.

The Wall Street Journal earlier quoted people familiar with the matter and said that the US Accounting Supervision Commission or went to Hong Kong to review the audit draft of Chinese companies listed in the United States.Boomedies by the news, the Chinese stock market continued the rose the previous day on Friday.The Hong Kong Hang Seng Technology Index once climbed 2.1%, and then narrowed the increase. As of the day's close, it rose by 0.79%.

China Stock Bilibili rose 12.09%, and Alibaba rose 7.97%.The Nasdaqin China index rose 6.3%overnight, the largest increase since June.The Hang Seng Technology Index rose 6%the day before, setting the best performance in the past four months.

Affected by the news of reaching an agreement, the large -scale Chinese technology stocks listed in the United States rose sharply the next day.Alibaba once rose 5 %, JD.com rose 4.6 %, and Pinduoduo jumped more than 6 %.The Nasdaqin China index rose 4.1 % at a time, which is expected to go higher in a row for the fifth consecutive day.

China and the United States have always been deadlocked on the issue of the audit draft of China -US enterprises.The United States seeks to obtain a complete audit text of Chinese companies listed in the United States, and China refuses on the grounds of national security.Until December last year, the US Securities and Exchange Commission (SEC) provided regulations on the delisting of Chinese enterprises in accordance with foreign companies' accountability laws and pushed this issue to a higher point.

China Aluminum, PetroChina, Shanghai Petrochemical, Sinopec and China Life issued announcements on the 12th of this month, and will apply for the delisting of US deposit shares from the New York Exchange this month.Although it was not mentioned in the announcement, the market generally believed that the reason for the delisting of the five Chinese enterprises was the issue of Sino -US audit disputes.