The Issue With Chinese Companies Listings is Not Audit Paper Access - Don't Get Duped Again
The CCP owes the American people $1 trillion in restitution for capital market fraud. They should be allowed IPO access only if they pay. If they don't, wipe out their debt. I'll document the damages.
The Securities and Exchange Commission (SEC), Chairman Gary Gensler, spoke at the Center for Audit Quality today. In his remarks, he touched on the status of Chinese companies ability to remain listed in U.S. capital markets. Chairman Gensler's address was focused on what he wants you to falsely believe is the only remaining problem for China to reopen the U.S. IPO door: "Auditors must have access to accounting working papers."
Of course, that command was parroted by the mainstream media.
Unfortunately, we frequently do not recognize deception until it is too late, and the elite have stuffed their pockets with cash, leaving taxpayers to bail them out. Chairman Gensler, the Biden administration, and the media are all telling you lies. In Part 1 and Part 2 of a new report titled "The China Cover-Up by The U.S. Securities and Exchange Commission," I have begun to lay this out.
The main issue with Chinese companies listing in U.S. capital markets is not the Public Company Accounting Oversight Board’s (PCAOB) lack of voluntary access to audit working papers. This is important, but it is secondary.
The real problem, which Gensler is attempting to hide, is that Chinese companies lack independent corporate governance, have no disincentives to refrain from committing fraud, and some of Wall Street's investment banking and legal fees are used to buy China-compliance from our elected officials.
Why do you believe that the Chinese Communist Party has been taking advantage of the American economy for so long?
Investment in China's non-market economy via corporations, and their eventual liquidity in U.S. capital markets, is a key mechanism used by the CCP to entice our elite to undermine our economic and political systems. Chinese IPOs do nothing but endanger our businesses, industries, and national security while enriching a small group of powerful individuals. This destructive cycle will continue as long as the U.S. elite who benefit from China continue to make political contributions.
It's no coincidence that Biden and Kerry preached investment in China while serving as Vice President and Secretary of State during the US-China Strategic Economic Dialogue (S&ED). According to financial disclosures, Kerry even got in on the China investment game after leaving office. The current Climate Czar and President Biden advisor invested a million dollars in Yale-connected venture firm HillHouse.
In 2013, with negotiations led by Biden and Kerry, the Obama appointed SEC and PCAOB ultimately caved and signed a 2013 MOU allowing Chinese companies to avoid U.S. listing rules. Worryingly, the following year, Biden's son and Kerry's stepson were set up as partners in a Chinese private equity firm through one of their companies (Rosemont Seneca) that was funded by the Bank of China.
In 2014, Rosemont Seneca was involved in an attempted $1.5 billion fundraise for a new fund launched by Harvest Fund Management and Bohai Industrial Group, the Chinese asset manager, according to a Wall Street Journal report at the time. The Bank of China International Holdings was one of the biggest stakeholders in Bohai at the time.
The Biden family’s China investment track record matches the performance of Paul Pelosi’s magnificent option trading. Somehow, from across the world they were able to find investments in DiDi (China's Uber), CATL (the world's largest lithium battery manufacturer), and Megvii (surveillance software). Three home-run investments where the nature of the businesses all required CCP support.
Several emails on Hunter Biden's laptop indicate that he and his associates may have purchased Alibaba at a discount prior to the company's 2014 IPO (see below). Money guaranteed from a foreign adversary. WOW.
Access to audit working papers is not the issue with Chinese companies listing in U.S. capital markets...
If you believe that I have a virus natural origin story to sell you. Don’t be duped.
Were Biden’s Son and Kerry’s Stepson Invested Pre-IPO in Alibaba with funds from the Bank of China?
The MOU letting China skirt U.S. listing rules happened in 2013. In September 2014, Alibaba went public in the largest IPO in history.
The following two email chains from the laptop, while not definitive, document conversations related to getting into the Alibaba IPO at a discount. The images are linked to the source of the emails.
The second email thread is the more important one. It discusses the Wall Street Journal calling to inquire about the Rosemont Seneca Chinese joint venture being invested in Alibaba’s IPO.
The source of funds for the investment also appears to have come from the Bank of China. The full thread is available by clicking read now and the two relevant emails are embedded below.