$BILIBILI-W (09626.HK)$  $MSCI Inc (MSCI.US)$  $JD.com (JD.US)$  $Alibaba (BABA.US)$  $TENCENT (00700.HK)$1. China has always supported overseas financing for enterprises.
2. SEC requires audit working papers for US-listed companies. The reason Chinese concept stocks did not provide them before is because they used the VIE structure for listing in the US. Simply put, the US-listed entity of Chinese concept stocks is like a reflection of domestic companies in a mirror image in terms of legal entity, a method used to circumvent Chinese laws prohibiting foreign shareholders in internet companies.
SEC started requiring Chinese concept companies to provide audit workpapers two years ago because there have been continuous incidents of financial fraud in Chinese concept companies, with the pinnacle being Luckin Coffee;
China's government's understanding of audit workpapers for technology companies is at the national level of data security;
The VIE structure mentioned in the second point refers to a flexible approach taken by both China and the US during a period of improved Sino-US relations when both sides viewed each other with goodwill, beginning with Sina in 1999;
The current background is that both sides view each other with animosity, making the possibility of finding a compromise very low at this time;
7. The current background began in 2017 as part of the comprehensive containment policy initiated by Trump. The premise of relaxation is that at least one party suffers a major setback. Referring to the first Berlin crisis between the US and the Soviet Union in 1948, the first major relaxation occurred in 1972.