The quality of Chinese concept stock enterprises' financial report and audit report has become a common concern of regulators in China and the United States. However, there are long-standing differences between the two countries in the way of cross-border audit supervision cooperation law enforcement and the handover of audit working papers, which leads to a severe survival crisis for Chinese enterprises listed in the United States. The differences in cross-border audit regulatory cooperation between China and the United States are rooted in the different attitudes of the two countries towards national sovereignty, the differences in the confidentiality requirements of audit working papers, and the different enforcement powers of securities regulators. Following the practice of international securities regulatory cooperation and promoting joint inspections under the framework of bilateral or multilateral cooperation is an effective way to break the deadlock in Sino-US cross-border audit regulatory cooperation. In order to carry out joint inspection smoothly and effectively, measures such as diverting Chinese stock companies and classifying audit working papers are to be considered. In addition, strengthening the domestic supervision of overseas listed Chinese companies and improving the overall quality of Chinese companies are the fundamental solutions to prevent the crisis of Chinese stocks.