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Alibaba (NYSE: BABA) and several other Chinese high-tech stocks are “premature” speculation about a deal that prevents US audit watchdogs from removing hundreds of Chinese companies from the U.S. exchange. It fell after receiving a report saying that it was.
The Public Company Accounting Oversight Commission referred to a statement from PCAOB on Thursday during a meeting with Chinese regulators, according to a Bloomberg report that Chinese authorities have fully reviewed the company’s audit documents with U.S. inspectors. He said it was not clear if he agreed to allow him to do so. Regulators said the potential agreement would be a “first step.”
PCAOB commented last week that China’s Deputy Prime Minister Liu He commented to ease investor anxiety and pointed out that he would work with U.S. regulators, including the Securities and Exchange Commission. We support listing overseas. ” And the exchange committee on the issue.
“We will continue to work to find a practical solution to address the concerns of the Chinese authorities, but ultimately it will be relevant to carry out our mission on behalf of investors. We need full access to audit documents, “PCAOB said in a statement. Bloomberg Report. “This is not negotiable even for publishers in delicate industries.”
Reuters told Alibaba (BABA), JD.com (NASDAQ: JD), Baidu (BIDU), and other Chinese US-listed tech companies to prepare for audit disclosures from Chinese regulators on Tuesday. I reported that I was.
Earlier this month, the China Securities Regulatory Commission and other agencies contacted these companies and asked them to prepare a 2021 audit document.
Alibaba (BABA) was down 3.6%, JD.com (JD) was down 6.5%, Weibo (NASDAQ: WB) was down 2.9%, and Pin Duo Duo (NASDAQ: PDD) was down 7.5%.
Other companies such as Tencent (OTCPK: TCEHY), Kingsoft Cloud (KC), Huya (HUYA), DouYu (DOYU), Dada Nexus (DADA), Baozun (BZUN), Bilibili (BILI), KE Holdings (BEKE) Stocks), Joyy (YY), NetEase (NTES), Zhihu (ZH), Trip.com Group (TCOM), iQIYI (IQ), Hello Group (MOMO), Vipshop (VIPS), Dingdong (DDL) also fell on Thursday did.
Alibaba and other Chinese ADRs and Internet stocks began on March 10 with the nomination of five Chinese companies that could be delisted due to the US Securities and Exchange Commission’s failure to comply with U.S. accounting rules. ..