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Over 80 Firms Including China’s JD.com Listed by US SEC and Face Delisting Risk – SABC News

The United States (US) Securities and Exchange Commission (SEC) added over 80 companies, including China’s JD.com (9618.HK)to a list of companies that may be delisted from US stock exchanges amid a long-running audit dispute between the United States and China.

On Wednesday, the SEC added a tentative listing to the list under a 2020 law known as the Holding Foreign Companies Accountable Act (HFCAA), which aims to remove foreign-jurisdictional companies from U.S. stock exchanges if they meet American auditing standards for three non-compliance years in a row.

In the protracted dispute, US regulators are demanding full access to New York-listed Chinese companies’ audit working papers stored in China.

The request has so far been rejected by China on national security grounds, but regulators in the two countries are discussing operational details of an audit deal Beijing hopes to sign this year.

JD.com said Thursday it is aware the company has been identified by the SEC under the law and has been actively investigating possible resolutions.

“The company will continue to comply with applicable laws and regulations in both China and the United States and will endeavor to maintain its listing status on both the Nasdaq and Hong Kong Stock Exchanges,” JD.com said in a statement.

Other major Chinese companies included on the SEC’s list were JinkoSolar Holding Co Ltd (JKS.N)China Petroleum & Chemical Corp (600028.SS)Bilibili Inc (9626.HK)and NetEase Inc (9999.HK)among other.

Sources told Reuters in March that Chinese regulators had asked some of the country’s US-listed companies, including Alibaba (9988.HK)baidu (9888.HK)and JD.com to prepare further audit disclosures.

Over 80 Firms Including China’s JD.com Listed by US SEC and Face Delisting Risk – SABC News

Source link Over 80 Firms Including China’s JD.com Listed by US SEC and Face Delisting Risk – SABC News

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