80 More Chinese Companies Added to SEC List for Possible Delisting

Garrett_Li

Garrett_...

· 5月6日

Currently, 105 Chinese companies are on the list. Many Chinese companies’ shares slumped after trading started on Thursday. Bilibili share was down 3.66% while JD.com slumped by 3.45%. Tencent Music Entertainment’s share also dropped by 3.96%.

Image Source: Visual China

Image Source: Visual China

BEIJING, May 5 (TMTPOST) — 88 more Chinese companies, including JD.com, Bilibili and Pinduoduo, etc., have been added to the U.S. Securities and Exchange Commission (SEC) list on Wednesday for possible delisting from the stock markets in the United States, according to the official site of the SEC.

Currently, 105 Chinese companies are on the list. Many Chinese companies’ shares slumped after trading started on Thursday. Bilibili share was down 3.66% while JD.com slumped by 3.45%. Tencent Music Entertainment’s share also dropped by 3.96%.

The 88 newly added Chinese companies need to provide evidence to the SEC by May 25 that they do not qualify for delisting. Failing to do so will result in placement on a conclusive list.

"The company will continue to comply with applicable laws and regulations in both China and the U.S,, and strive to maintain its listing status on both NASDAQ and the Hong Kong Stock Exchange," JD.com said in a statement.

The SEC confirmed the final details of the Holding Foreign Companies Accountable Act in December 2021, a legislature that aims to remove foreign-jurisdiction companies from U.S. stock exchanges if they fail to file reports required by the Public Company Accounting Oversight Board (PCAOB) for three consecutive years.

On May 20, 2020, the bill passed the United States Senate by unanimous consent and later by the United States House on December 2, 2020, by unanimous voice vote. The bill was signed into law on December 18, 2020.

Under the 2020 law, a total number of 105 U.S.-listed Chinese companies have been added to the list for possible delisting as China and the U.S. are fighting over whether the U.S. should have full access to the companies’ audit working papers.

China has urged equal cooperation on audit issues. "China has always insisted on solving the audit and supervision issues of U.S,-listed Chinese companies via equal cooperation, which is in the interests of the capital markets of both countries and global investors," Chinese Foreign Ministry spokesperson Zhao Lijian said on Thursday in response to the SEC move.

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