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Chinese Firms Feeling Pressure From Sarbanes-Oxley Act

Chinese Firms Feeling Pressure From Sarbanes-Oxley Act

by Rick Turoczy on July 12, 2006

July 15 will be the final validation deadline of Sarbanes-Oxley to US listed foreign companies and US SMEs, Chinese Nasdaq listed Internet companies are working overtime to meet the July 15 deadline for the Sarbanes-Oxley Act, reports China Business News. Hurray (Nasdaq: HRAY) CFO Liu Xiaoxi said the Sarbanes-Oxley Act is an unbearable burden to Chinese companies. Sohu CFO Yu Chuyuan said the team has worked overtime for over one year in order to meet the requirements of the Sarbanes-Oxley Act. Liu said the costs to meet Sarbanes-Oxley requirements are affordable to China’s US listed telecom operators, but the US$500,000 to US$1 million cost is almost impossible to bear for Chinese Internet companies. Some Chinese high-tech companies are re-considering US listings in-lieu of the new regulations, said the report.

Chinese Firms Feeling Pressure From Sarbanes-Oxley Act

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