US-Listed China Stocks Soar on Report China Weighing Audit Access
2022.04.01 15:53
US-Listed China Stocks Soar on Report China Weighing Audit Access
Shares of US-traded China stocks are trading sharply higher in pre-open Friday after Bloomberg reported that the worlds most populous country is considering giving US regulators full auditing access.
Over 200 US-listed China-based companies could soon be open for auditing as China is preparing to give a rare concession to its biggest economic rival.
According to Bloomberg, the China Securities Regulatory Commission (CSRC) is already working on a document that will allow China-based companies to remain on US exchanges.
Some companies that operate with sensitive data could still be delisted from exchanges and the Chinese government is prepared for that option as well.
As a result, Alibaba (NYSE:BABA) stock price is up 6.7%, JD.com (NASDAQ:JD) 5.8%, while shares of Pinduoduo (NASDAQ:PDD) are trading over 12% higher in pre market Friday.
This news comes after the US SEC last month published a provisional list of companies that could find themselves delisted from the US.
By Senad Karaahmetovic
