Chinese ADRs Jumped on Chinese Stock Delisting Threat Eases as US Gets Access to Audit Data

Tiger Newspress2022-12-15

Chinese ADRs jumped on Chinese stock delisting threat eases as US gets access to audit data.About 200 companies based in China and Hong Kong are no longer facing an acute threat of being booted off American stock exchanges.

The US Public Company Accounting Oversight Board said its inspectors have been able to sufficiently review audit documents from firms based in the two jurisdictions. The determination diminishes the chances that companies includingAlibaba Group Holding LtdandJD.com Inc.will be delisted in New York.

China and Hong Kong are the only places that historically haven’t allowed the reviews, with officials citing national security and confidentiality concerns. The auditor watchdog’s announcement follows a recent high-stakes round of PCAOB inspections in Hong Kong, which represented a major break through in a long-running dispute.

The clash over audits became a political sticking point after a US law in 2020 said firms whose work papers can’t be inspected face being kicked off theNew York Stock Exchangeand Nasdaq. The legislation set a three-year timeframe for the delisting companies.

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Comments

Nggimseng
2022-12-16
Nggimseng
Nice
WJ77
2022-12-16
WJ77
👍👍
PaladinSir
2022-12-16
PaladinSir
K
- PaladinSir:
  K
Seah CL
2022-12-16
Seah CL
K
Seah CL
2022-12-16
Seah CL
K
Aeron2020
2022-12-16
Aeron2020
ok
- Aeron2020:
  [Sly]

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