US steps up disclosure pressure on Chinese companies

The US Securities and Exchange Commission building in Washington (AP)

Chinese companies will have to disclose more information about audits and whether they are controlled by a government or else leave US stock markets, under a rule approved by American securities regulators.

The rule approved on Thursday by the US Securities and Exchange Commission (SEC) steps up a long-running stand-off between Washington and Beijing over how much information companies with US-traded shares must disclose.