Nasdaq-listed Weibo became the sixth Chinese company flagged by the Securities and Exchange Commission (SEC) for possible delisting from the U.S. market. Weibo, the Twitter equivalent in China, Nasdaq.com reported on March 24, will “evaluate all strategic options.” The SEC seems to have accelerated the implementation of a 2020 law banning foreign companies from U.S. exchanges if their audit papers cannot be inspected by American regulators. Weibo was cited by SEC on March 23 for possible delisting under the Holding Foreign Companies Accountable Act (HFCAA) on financial disclosures. Yum China Holdings, the operator of KFC in China, was among the five others named by SEC earlier this month, which triggered the worst decline in U.S.-listed Chinese stocks since the global financial crisis. Washington has long requested complete access to the audit documents of publicly-traded companies in the United States, but Beijing, claiming national security concerns, prohibits foreign inspection of local …
Weibo Becomes 6th Chinese Company Flagged by SEC for Potential Delisting
March 28, 2022
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Business & EconomyChinaChina Business & EconomyCompaniesdelistingHFCAAMedia & Big TechPCAOBUSUS-China relationsWeibo
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