China's Top Property Broker Beike Seeks Hong Kong Listing as 80 More US Listed Firms Face Delist Risk

若离

若离

· 5月7日

Beike's move came as a total of 88 companies including Bilibili, two energy giants PetroChina and Sinopec and three e-commerce giants JD.com, Pinduoduo and Vipshop, were added to a list that could make these listed companies be kicked out of U.S. exchanges.

BEIJING, May 6 (TMTPOST)—China’s biggest online property agency Beike Zhaofang, or Ke Holdings Inc, joined in the homecoming trend as quite a lot of U.S.- listed Chinese companies has been placed in a list which poses the risk of  delisting from exchanges in the United States.

Source: Visual China

Beike announced to have applied for a listing of its Class A ordinary shares on the Main Board of the Hong Kong Stock Exchange (HKEX) under the stock code “2423”. . Goldman Sachs and China International Capital Corporation (CICC) are appointed as the dealer, and the shares are expected to start trading on May 11, the coming Wednesday, according to a filling with HKEX.

It is noteworthy that Beike chose to list in Hong Kong by way of introduction, an unusual direct listing without any offering of new shares. Another two Chinese companies listed in the United States have already become the pioneer. Tesla’s Chinese rival NIO has launched its Hong Kong listing through introduction in March, and Tencent’s Music unit the same month disclosed it sought the way in Hong Kong.

Beike’s pursuit for Hong Kong listing came as the U.S. Securities and Exchange Commission (SEC) added a total of 88 companies including Bilibili, China's most popular video community among younger generations, two energy giants PetroChina and Sinopec and three e-commerce giants JD.com, Pinduoduo and Vipshop, to a provisional list on Wednesday, for failing to comply with the Holding Foreign Companies Accountable Act (HFCAA), which allows SEC to prohibit companies from trading and make listed companies be kicked out of U.S. exchanges if the Public Company Accounting Oversight Board (PCAOB), SEC’s accounting body, is unable to inspect or investigate these company audits for three consecutive years.

Prior to the recent move, SEC has had five similar moves affecting 40 Chinese companies in total since March 8, when it for the first time identified Chinese listed firms as the issuers in the list under HFCAA. Last month, Beike, Sohu, Li Auto and 26 other companies became the last group of companies that could be delisted.

It is a step in enforcing domestic law for US regulatory authorities to add certain Chinese companies to the relevant list, and it doesn’t mean these companies will inevitably be delisted, as whether they will be delisted in the US or not depends on the progress and outcomes of cooperation between Chinese and US auditing and regulatory authorities, Zhao Lijian, the spokesperson of the Ministry of Foreign Affair of China, commented SEC’s latest move earlier this week. Both Chinese and US regulators are working for progress in auditing and regulatory cooperation, China looks forward to seeing cooperative arrangement that conforms to regulatory requirements and legal provisions in both countries, Zhao said.

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