Chinese regulators asked US-listed companies to disclose audits (Photo: Ezreal Zhang/Unsplash/Creative Commons)
Chinese regulators have asked some of the country’s US-listed companies, including Alibaba, Baidu and JD.com, to prepare for audit disclosures, the sources said, adding that Beijing will ensure domestic companies remain listed in New York. forward efforts to do so.
As part of that move, the China Securities Regulatory Commission (CSRC) and other regulators called on major Internet companies earlier this month, including search leader Baidu and e-commerce firm JD.com, four sources told Reuters. Told.
Sources said on condition of anonymity that the companies were asked to prepare audit documents for FY21, taking into account the request of US regulators.
Companies should consult Chinese regulators if they are unsure about anything during the process, the first source said.
CSRC Alibaba, Baidu, JD.com and Weibo did not immediately respond to requests for comment.
The move reflects Beijing’s willingness to make concessions to resolve the long-running Sino-US audit impasse, which has staked hundreds of billions of dollars in US investments in Chinese companies.
US officials are proceeding to expel Chinese companies from US stock exchanges if the companies’ audit records are not available for inspection for three consecutive years.
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
