We need to face the fact that almost EVERY ONE of these Chinese ADR's are SCAMS. Already, dozens of scams have imploded and are not even listed any longer.
Billions has been stolen from US investors. The SEC allowed these scams. American brokerage firms made money listing these SCAMS and BILLIONS has flowed from US citizens to China.
The government went after Bernie and others to make investors whole. Why not go after China and get back the money STOLEN from US investors? These were outright SCAMS. Fraud from the very start.
Why should the US allow China to steal from citizens of the US?
Agree completely. These Chinese ADR's are exempt from SEC requirements it seems and if that's the case, then they shouldn't be allowed on American exchanges. Either play by the rules, or don't play.
On 60 minutes they had an episode on these Chinese ADR scam companies and showed one that was supposedly a mine. There was zero activity at the mine until they were being filmed for promoting the stock. They had a plethora of activity until the cameras stopped rolling.
Almost ALL of the Chinese stocks listed on American exhanges have proven to be scams. The government allowed it and perhaps they refuse to take action because they know they really f**ked up bigtime.