May 6, 2022: -The U.S. Securities and Exchange Commission includes more than 80 firms on its list of entities facing possible delisting from American exchanges, that include China’s JD.com, Pinduoduo, Bilibili, and NetEase.
On Wednesday, the SEC expanded the list, which consists of U.S.-listed Chinese entities, on a provisional lineup under a 2020 law called The Holding Foreign Companies Accountable Act.
The act is signaling into law by former President Donald Trump, aiming to remove foreign-jurisdiction companies from U.S. bourses if they failed to comply with American auditing standards for three years back to back.
Additional large Chinese companies added to the SEC’s list were JinkoSolar Holding, NIO, and China Petroleum & Chemical.
Sources had told Reuters in the previous month that Chinese regulators had asked a few of the country’s U.S.-listed firms, which include Alibaba, Baidu, and JD.com, to prepare more audit disclosures.
History shows that these stocks should beat the market as the Fed boosts short-term rates.
In April, China had proposed to revise confidentiality rules on offshore listings, which can seek to remove a legal hurdle to Sino-U.S. cooperation on audit oversight and put the onus on Chinese firms to protect state secrets.
The development was after a U.S. watchdog had said it is continuing to engage with Chinese regulators about getting access to their auditors’ records. Still, it was unclear if the Chinese government would grant the permit required by a new U.S. listing law.
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