The focus of the current cross-border regulatory wrestling between China and US Regarding Chinese Concepts Stocks (CCS) is the examination of the audit working papers of CCS companies,i.e.,in what way and scope,and to what extent can the US authorities have access to those audit working papers stored within the territory of China.This problem relates to the domestic laws and regulatory sovereignty of the two countries respectively,and needs to be solved through pragmatic regulatory cooperation on the basis of the newly signed Statement of Protocol among CSRC,the Ministry of Finance of China and PCAOB.In that process,consideration should be given in an as-balanced-as-possible way to both the concerns on the part of China regarding sensitive information and national security,and those on the part of the US regarding having complete access to the relevant financial information.Meanwhile,efforts should be made to improve the regulation of CCS companies by China as the parent country.For example,the control on overseas issuance and listing should be loosened,with more importance being attached to improving the quality of the capital market and protecting both domestic and overseas investors.The relevant conditions and criteria for the extraterritorial application of Chinese securities law should also be clarified and specified.