Many Chinese businesses are listed on U.S. stock exchanges, but Beijing’s intransigence ensures that American investors often don’t get a true picture of those companies’ financial health. Chinese practices undermine the fair and transparent financial reporting at the heart of American capital markets. In December 2018, the SEC and PCAOB acknowledged that “for investors — both U.S. and non-U. S. investors — a U.S. listing carries with it the assumption that U.S. rules and regulatory oversight apply.” When it comes to Chinese companies, that simply isn’t true. The U.S. and its allies must send a clear message: If Chinese companies want to be listed on U.S. exchanges, they must comply with American laws and regulations for financial transparency and accountability.