; (3) the number of portfolio investments by United States persons in countries of concern in excess of— (A) $10,000,000 in a single transaction; or (B) $25,000,000 in the aggregate; and (4) the value of portfolio investments by United States persons in initial offerings for sale to the public of common equity securities of covered entities and secondary market trading in such securities. (d) Report by Securities and Exchange Commission Not later than 1 year after the date of the enactment of this Act, and every 90 days thereafter, the Securities and Exchange Commission shall submit to the appropriate congressional committees a report that, for the period specified in subsection (e), identifies the following: (1) Each instance in which a covered United States business spun off a separate entity that subsequently operated in a country of concern. (2) Each joint venture entered into between a covered United States business and a covered entity. (3) Each instance in which a covered United States business merged with, acquired, or was acquired by a covered entity. (4) Each instance in which the value of expanded operations of a covered United States business in a country of concern exceeds— (A) $5,000,000 in a single transaction; or (B) $10,000,000 in the aggregate. (5) Each instance in which a covered United States business made a direct investment in a country of concern. (e) Period specified The period specified in this subsection is— (1) in the case of the first report required by subsection (b), (c), or (d), the 1-year period preceding submission of the report; and (2) in the case of any subsequent report required by any such subsection, the 90-day period preceding submission of the report.