Focus on Arts and Ecology

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The U.S. adds some Chinese firms to delist

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May 6, 2022 

Over 80 U.S.-listed firms have been added to the list of entities facing delisting risk, including China's JD.com, Pinduoduo and Bilibili.

The Securities Exchange Commission (SEC) on Wednesday expanded the list under the Holding Foreign Companies Accountable Act (HFCAA), passed in December 2020, which allows the U.S. regulator to remove companies if they fail to comply with American audit standards for three consecutive years.

However, Chinese law prohibits company auditors from providing the same information to U.S. regulators over data security concerns. According to China's Foreign Ministry, the country's securities regulator "has already communicated with U.S. regulators in this regard."

(Sources: China Report)

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