Alibaba will seek to remain on the New York Stock Exchange
The Chinese giant insisted that it will not exhaust its attempts to remain part of the New York Stock Exchange despite the threat from the SEC
The Chinese e-commerce giant Alibaba assured that it “will strive” to maintain the trading of its titles on the New York Stock Exchange (NYSE), after the United States Securities Market Commission (SEC) has threatened to exclude it from quote for 2024.
The Chinese company confirmed that last week it was singled out by the SEC, along with other Chinese companies, after the US regulator determined that Alibaba Group had failed to facilitate inspection of its accounting for the fiscal year ending March 31.
In this situation, if the accounts of a US-listed company cannot be audited for a period of three consecutive years, the SEC is obliged to prohibit the securities of said company from being traded on any of the US markets, including the New York Stock Exchange or in the US “over-the-counter” markets.
Alibaba, which recently announced its intention to become a primary dual-listed issuer on the New York and Hong Kong stock exchanges, stressed that it will comply with applicable laws and regulations and “endeavour to maintain its listing status on both the NYSE and the the Hong Kong Stock Exchange.
K. Tovar
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Source: Diariosigloxxi
