A total of 159 US-listed Chinese firms face possible delisting amid a long-running audit dispute between China and the US
U.S. Securities and Exchange Commission released the latest pre-delisting company list on July 29, with Chinese e-commerce giant Alibaba (BABA:NYSE; 9988:HK) being added to the list.
Alibaba stock tanked as much as 10% since the announcement published. As of press time, Alibaba closed at USD 89.37 apiece, down 11.12% today.
Mogujie (MOGU:NYSE), Cheetah Mobile (CMCM:NYSE) and Boqii (BQ:NYSE) were three other companies listed in New York and identified as being at risk of delisting under SEC's Holding Foreign Companies Accountable Act (HFCAA).
The 2020 law aimed to remove foreign-jurisdiction companies from the US bourses if they fail to comply with American auditing standards for three consecutive years.
A dozen Chinese companies were added to the provisional list previously in Q2. They include Microvast (MVST:NASDAQ), China Automotive Systems (CAAS:NASDAQ), DAQO New Energy (DQ:NYSE), Connect Biopharma (CNTB:NASDAQ), OneConnect Financial Technology (OCFT:NYSE), Green Vision Biotechnology (GVBT:OTCMKS), Legend Biotech (LEGN:NASDAQ), Sohu.com (SOHU:NASDAQ), Studio City International (MSC:NYSE), Melco Resorts & Entertainment (MLCO:NASDAQ), LOGIQ (LGIQ:OTCMKS) and Noah Holdings (NOAH:NYSE)
Baidu (BIDU:NASDAQ), iQiyi (IQ:NASDAQ), Futu Holdings (FUTU:NASDAQ), Nocera (NCRA:OTCMKS) and CASI Pharmaceuticals (CASI:NASDAQ) were threatened by delisting from the US stock market on March this year.