HUGE China News. Great for Nio, XPEV, BABA!
U.S., China Near Deal to Allow Audit Inspection of N.Y.-Listed Chinese Companies Agreement could prevent many Chinese companies from being delisted from American stock exchanges. The Wall Street Journal reported that security regulators in Beijing are nearing a deal to provide access to financial audit records for U.S.-listed Chinese companies. That is great news for Chinese stocks traded on U.S. markets., which have been under pressure because the Securities and Exchange Commission has threatened to delist companies that don’t fully open up their books. At least five state-owned companies, like PetroChina (PTR), have already voluntarily delisted their stocks. After the report, Alibaba Group (ticker: BABA) was up 8.2%, Tencent (700.Hong Kong) rose 4.8%, and JD.com (JD) was up 11%.
U.S., China Near Deal to Allow Audit Inspection of N.Y.-Listed Chinese Companies Agreement could prevent many Chinese companies from being delisted from American stock exchanges. The Wall Street Journal reported that security regulators in Beijing are nearing a deal to provide access to financial audit records for U.S.-listed Chinese companies. That is great news for Chinese stocks traded on U.S. markets., which have been under pressure because the Securities and Exchange Commission has threatened to delist companies that don’t fully open up their books. At least five state-owned companies, like PetroChina (PTR), have already voluntarily delisted their stocks. After the report, Alibaba Group (ticker: BABA) was up 8.2%, Tencent (700.Hong Kong) rose 4.8%, and JD.com (JD) was up 11%.