Alibaba strives to keep New York and Hong Kong listings
2022.08.01 03:50
FILE PHOTO: The logo Alibaba Group for is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., Aug. 3, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – Alibaba (NYSE:BABA) Group Holding Ltd said it would work to maintain its New York and Hong Kong stock exchange listings after the Chinese e-commerce giant was placed on a delisting watchlist by U.S authorities.
The company on Friday became the latest of more than 270 firms to be added to the U.S. Securities and Exchange Commission’s list of Chinese companies that might be delisted for not meeting auditing requirements.
The Holding Foreign Companies Accountable Act (HFCAA) is intended to address a long-running dispute over the auditing compliance of U.S.-listed Chinese firms.
Alibaba on Monday said being added to list meant it was now considered to be in its first ‘non inspection’ year.
“Alibaba will continue to monitor market developments, comply with applicable laws and regulations and strive to maintain its listing status on both the NYSE and the Hong Kong Stock Exchange,” it said in a statement to the Hong Kong bourse.
Alibaba, founded by billionaire Jack Ma, said last week it planned to apply to convert its Hong Kong secondary listing to a dual primary listing which would make it easier for mainland Chinese investors to buy its shares.
U.S. regulators have been demanding complete access to audit working papers of New York-listed Chinese companies, which are stored in China.
