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Jack Ma’s Alibaba liable to being delisted by SEC

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Jack Ma’s Alibaba Group Holding is amongst an inventory of Chinese firms that might face delisting, the Securities and Exchange Commission said Friday, pushing the e-commerce giant’s shares down about 10%.

Alibaba is amongst greater than 270 Chinese firms listed in Recent York identified as being liable to delisting under the Holding Foreign Corporations Accountable Act, intended to deal with a long-running dispute over the auditing compliance of US-listed Chinese firms.

US regulators have been demanding complete access to audit working papers of Recent York-listed Chinese firms, that are stored in China.

While Washington and Beijing are in talks to settle the dispute, KFC operator Yum China Holdings, biotech firm BeiGene, Weibo and JD.Com are amongst firms that might face delisting.

On Wednesday, the SEC Chair Gary Gensler said he wouldn’t send public accounting inspectors to China or Hong Kong unless Washington and Beijing can agree on complete audit access.

Alibaba is amongst greater than 270 Chinese firms listed in Recent York identified as being liable to delisting under the Holding Foreign Corporations Accountable Act.REUTERS

He said the Public Company Accounting Oversight Board, which oversees audits of US-listed firms, would want to find a way to bring “specificity and accountability” in audits of foreign firms listed on Wall Street.

Alibaba has until Aug. 19 to submit evidence disputing identification, the SEC said.

The corporate didn’t immediately reply to a Reuters request for comment.

Others added to the list on Friday include Mogu, Boqii Holding Limited, Cheetah Mobile and Highway Holdings Limited.

Ma reportedly plans to cede control of monetary tech giant Ant Group, an affiliate of Alibaba, as Ant prepares to restructure right into a financial holding company.

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