U.S Delisting Register adds 80 more companies including E.V Maker $NIO & Asian e – commerce giant $JD

The US Securities and Exchange Commission on Wednesday added dozens of Chinese companies – including new economy giants like JD.com, NetEase and Pinduoduo – to its list of shares that face expulsion from stock exchanges because of Beijing’s refusal to allow auditing access.

One of China’s largest companies, China Petroleum & Chemical Corporation, known as Sinopec, and electric vehicle maker Nio were also among the 80 new names added to the list.

The additions come after China’s securities watchdog said it has been in regular talks with US regulators over the audit stand-off and expects a deal soon.

Under the US Holding Foreign Companies Accountable Act (HFCAA), which became law in 2020, the SEC must identify public companies that have retained a registered public accounting firm to issue an audit report where the firm has a branch or office located outside the US, and the Public Company Accounting Oversight Board (PCAOB) “has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction”.

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