US watchdog finds deficiencies in Chinese audits, tech stocks slip.

China's securities watchdog, the China Securities Regulatory Commission (CSRC), has expressed its willingness to work with its US counterparts to promote regulatory cooperation on audits and safeguard the rights and interests of global investors. The statement comes after the US Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of US-listed Chinese companies. While the deficiencies are unlikely to derail the audit deal, it will be challenging to turn around practices quickly amid continued US-China tensions.