US regulators to audit Alibaba after US-China deal

US regulators to audit Alibaba after US-China deal

by Julie Zhu

HONG KONG (Reuters) – U.S. regulators have held e-commerce giant Alibaba and other U.S.-listed Chinese companies for audits from September, three sources familiar with the matter said.

The move follows Friday’s landmark agreement between Beijing and Washington on the audit, which allows US regulators to conduct inspections in mainland China and Hong Kong of groups with a presence on Wall Street. More than 200 Chinese companies risked being delisted in the United States, for lack of agreement between the two countries.

Alibaba, along with its audit firm PwC, has been told it is among the first batch of Chinese companies to be inspected in Hong Kong by the US Public Company Accounting Oversight Board (PCAOB), the government’s oversight body for the commissioners. to listed company accounts, the sources told Reuters.

Alibaba and the PCAOB did not immediately respond to a request for comment.

The China Securities Regulatory Commission (CSRC) could not be reached.

Alibaba is the largest Chinese company listed on Wall Street by market capitalization, which is around $256 billion.

(Report Julie Zhu, French version Laetitia Volga, edited by Sophie Louet)

Reference: www.challenges.fr

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