Alibaba striving to maintain US listing amid delisting fears

 
HONG KONG—APDays after being include on a directory of companies. US regulators could delist that if it doesn’t adhere to auditing rules. Chinese e-commerce giant Alibaba declared on Monday that it wants to retain its shares listed in both New York and Hong Kong.
 According to the ,Alibaba striving to maintain U.S. Securities and Exchange Commission, international firms that refuse to give American regulators access to their financial records and auditing procedures. Risk having their shares take off the market. As is require of companies elsewhere.


 Alibaba’s inclusion on the list is the most recent setback for the business. As a result of Beijing’s regulatory crackdown on the sector. Following its declaration last week that it wants to pursue a primary listing in Hong Kong. Where it now has a secondary listing, Alibaba has been add to the list of businesses that could be delist. With that strategy, Alibaba would be able to reach out to more investors, including those in mainland China.
Alibaba striving to maintain stated in a statement submit

ted to the Hong Kong stock exchange on Monday that it “will continue to watch market trends, comply with applicable laws and regulations. Try to maintain its listing status on both the NYSE and the Hong Kong Stock Exchange.

 According to the law:

Before being exempt from audit norms, a corporation must adhere to them for three years in a row. The company claimed that the fiscal year that ended March 31, 2022 was its first “non-inspection” year.
 On Monday, the price of Alibaba’s Hong Kong stock fell 3.76 percent, ending the day at 89.60 Hong Kong dollars.
 According to Francis Lun, an investment manager and seasoned market pundit. Alibaba may have been see by the SEC for potential delisting. Due to its desire to submit an application for a primary listing in Hong Kong. 
 One of the most actively traded Chinese corporations in the United States is Alibaba.
 

According to the stock price, investors are extremely gloomy about Alibaba, according to Lun. Over the past year, the price of Alibaba’s New York-listed shares has dropped by more than 55 percent.
 Regulators aggressively investigated Alibaba’s financial unit Ant Financial after Ant was compelled to delay its initial public listing days. Before it was scheduled to go public. Leading to a record $2.8 billion in penalties for anti-monopoly violations. A general slowdown in the Chinese economy as well as COVID-19 uncertainty have contributed to the company’s declining growth.
 By the end of the year, the primary listing in Hong Kong is anticipated to be finished.
 In September 2014, Alibaba made its first public offering in New York. At the time the largest IPO in history, raising $25 billion. In November 2019, it completed a secondary listing in Hong Kong.
 Cloud computing service provider Kingsoft Cloud Holdings and video-sharing website Bilibili Inc. Are two additional Chinese companies looking for a primary listing in Hong Kong.
 


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