Over 80 firms, including China’s JD.com, added to US Securities and Exchange Commission list facing delisting risk
Washington (TIP)-The US Securities and Exchange Commission added over 80 firms to its list of entities facing possible expulsion from American exchanges, which include China’s JD.com, Pinduoduo Inc, Bilibili Inc , and NetEase Inc. The SEC on Wednesday, May 4, expanded the list, consisting of US-listed Chinese entities, on a provisional line-up under a 2020 law known as The Holding Foreign Companies Accountable Act.
The Act, signed into a law by then-President Donald Trump, aims to remove foreign-jurisdiction companies from US bourses if they fail to comply with American auditing standards for three years in a row. Other large Chinese companies that were added to the SEC’s list were JinkoSolar Holding Co Ltd, NIO Inc, and China Petroleum & Chemical Corp, among others. Sources had told Reuters last month Chinese regulators had asked some of the country’s US-listed firms, including Alibaba , Baidu, and JD.com, to prepare more audit disclosures. Source: Reuters
