China Weighs Giving U.S. Full Access to Audits of Most Firms
As the South China Morning Post (SCMP) reports, the U.S. Securities and Exchange Commission (SEC) just added five more China-based-but-U.S.-listed companies to its list of stocks at risk of delisting over disclosure concerns. Shares of Alibaba Group Holding Limited (NYSE: BABA), Baidu (NASDAQ: BIDU), iQIYI (NASDAQ: IQ), and Futu Holdings (NASDAQ: FUTU) are all down significantly in response. As of 10:30 a.m. ET, Alibaba stock is off 4.7%, Baidu 7%, and iQIYI 8.5%, and Futu Holdings is leading the sector lower with a 9.7% loss.