SEC adds Alibaba to delisting category
Alibaba Group Holding Ltd, on Friday became the latest company to be added to the US Securities and Exchange Commission's (SEC) list of Chinese companies that might be delisted
Alibaba Group Holding Ltd, on Friday became the latest company to be added to the US Securities and Exchange Commission's (SEC) list of Chinese companies that might be delisted.
Alibaba's shares were down 11% at $89.37 at the closing bell, ending the month 21.4% lower, stated a Reuters report.
The move comes days after Alibaba said it would apply for a primary listing in Hong Kong, where it obtained a secondary listing in 2019.
Three other Chinese companies were added to the HFCAA list on Friday following the release of their latest annual reports. The SEC has so far identified more than 150 companies as noncompliant, including Chinese e-commerce powerhouses JD.com Inc. and Pinduoduo Inc., as well as restaurant operator Yum China Holdings Inc.
Alibaba's IPO in 2014 was the largest debut at that time and paved the way for other Chinese companies seeking fresh capital to list on the US stock exchange. The company has faced the wrath of both US and Chinese regulators since 2020.
Source - Reuters
ALSO READ:
