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Alibaba tanks 10% and drives Chinese stocks lower after SEC says e-commerce giant faces potential delisting

July 30, 2022
Source: businessinsider.in businessinsider.in
News Snapshot:
Alibaba stock tanked as much as 10% on Friday and led Chinese stocks lower after the Securities and Exchange Commission identified the e-commerce giant in a new batch of Chinese companies that could be subject to delisting from US exchanges if they don't comply with a new law. The Holding Foreign Companies Accountable Act took effect on December 18, 2020. It requires the SEC to identify publicly traded foreign companies on US exchanges that will not allow a US auditor to fully inspect their financial books. The SEC ultimately has the power to delist the Chinese stocks if for three...
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China Tech Buzz Topics: accounting | Alibaba | audit | Beijing | books | chairman | China | Chinese | commission | delist | delisting | e-commerce | finance | financial | Giant | Hong Kong | identification | IT | law | LED | online shopping | power | SEC | stocks

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