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US SEC adds Alibaba to list of Chinese companies facing delisting risk – TODAY

News Snapshot:

:Alibaba Group Holding Ltd is among a list of Chinese companies that could face delisting, the U.S. Securities and Exchange Commission said on Friday, pushing the e-commerce giant's shares down about 9per cent in mid-day trading. Alibaba is among more than 270 Chinese companies listed in New York identified as being at risk of delisting under the Holding Foreign Companies Accountable Act (HFCAA), intended to address a long-running dispute over the auditing compliance of U.S.-listed Chinese firms. U.S. regulators have been demanding complete access to audit working papers of New York-listed Chinese companies, which are stored in China. While Washington…

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