US, China Reach Preliminary Deal in Push to Avoid Delistings (3)

Beijing and Washington have reached a preliminary deal to allow American officials to review audit documents of Chinese businesses that trade in the US, a first step toward avoiding the delisting of about 200 firms from New York exchanges.

US shares from Chinese companies rose Friday in the immediate aftermath of the deal, which will allow Public Company Accounting Oversight Board inspectors to access audit work papers and personnel. American officials plan to be on the ground in Hong Kong by mid-September to start the reviews.

The agreement marks a major breakthrough in a decades-long standoff between the two ...