Anthony Bolton, the veteran fund manager at Fidelity International, has urged the US to stop Chinese companies from taking shortcuts to listing in New York, after suffering losses on the stocks in his portfolio.
The investor said that so-called reverse mergers, where Chinese companies merge with a US shell company then move to the main market to avoid the scrutiny of an initial public offering, were a “loophole” in the system and should be banned.
“Most people would put the US high on their list in terms of standards but reverse mergers are a loophole and I’ve been surprised it existed,” he said.
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