A federal lawmaker has advised the Securities and Exchange Commission to do more to protect American investors from Chinese companies with risky corporate structure like that of e-commerce giant Alibaba Group, The New York Times reports.
In a letter to SEC Chair Mary Jo White, Sen. Robert Casey (D-Penn) wrote that he was not satisfied with the agency’s assurances that it had adequately gone over Alibaba’s corporate structure and the potential risks to American investors who may buy its shares. He urged the regulator to intensify its efforts to investigate if companies set up like Alibaba are making proper disclosures and following securities regulations.
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