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Alibaba intends to keep listings in New York and Hong Kong

Aria Thomas

Aug 01, 2022 10:44

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Alibaba (NYSE:BABA) Group Holding Ltd said that it would attempt to maintain its New York and Hong Kong stock exchange listings after U.S. authorities placed the Chinese e-commerce behemoth on a delisting watchlist.


On Friday, the company joined more than 270 others on the U.S. Securities and Exchange Commission's list of Chinese firms that might be delisted for failing to meet auditing requirements.


The Holding Foreign Firms Accountable Act (HFCAA) intends to settle a long-running dispute over the auditing compliance of Chinese companies listed on U.S. stock exchanges.


Alibaba said on Monday that it is presently in its first "non-inspection" year since being placed to the list.


"Alibaba will continue to monitor market trends, adhere to applicable laws and regulations, and endeavor to maintain its listing status on both the New York Stock Exchange and the Hong Kong Stock Exchange," the business said in a statement to the Hong Kong exchange.


Alibaba, founded by billionaire Jack Ma, revealed last week its desire to convert its secondary listing in Hong Kong to a dual primary listing, making it easier for mainland Chinese investors to acquire its shares.


U.S. authorities have sought unrestricted access to audit operating papers of Chinese enterprises domiciled in China that are listed on the New York Stock Exchange.

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