Alibaba added to list facing delisting

The U.S. Securities and Exchange Commission (SEC) on Friday added Alibaba to its list of Chinese stocks facing delisting , meaning they could be delisted from U.S. exchanges if their audit firms fail to be inspected by the spring of 2024. Under the Foreign Company Accountability Act of 2020, which goes into effect in 2021, the U.S. can ban securities transactions by companies whose audit firms have not been inspected by U.S. audit watchdogs for three consecutive years. The SEC has determined that more than 150 companies are not in compliance, including JD.com and Pinduoduo, as well as restaurant operator Yum China.

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