Alibaba and other stocks plunge after US says speculation about China’s stock listings are premature

Ali Baba (New York Stock Exchange:Baba) and many other Chinese technology stocks after a report by the US watchdog on speculation about it A deal that would prevent hundreds of Chinese companies from exiting US stock exchanges is “premature”.

The Public Company Accounting Oversight Board said that during its meeting with Chinese regulators, it was not clear whether Chinese authorities would agree to allow US inspectors to review companies’ audit papers in full, according to the Bloomberg report, Which refers to Thursday’s statement from PCAOB. The regulator said any potential agreement would be a “first step”.

The comments by the Supreme Council of Supervision and Accountability came after Chinese Vice Premier Liu He made a statement comments Last week, in an attempt to allay investor fears, it said it would continue to “support various types of companies for offshore listings,” noting that it would work with US regulators, including the Securities and Exchange Commission, on this matter.

“While we will continue our work to find practical solutions to address the concerns of the PRC authorities, full access to relevant audit documents is ultimately necessary to carry out our mandate on behalf of investors,” PCAOB said in the statement. “This is non-negotiable, even with respect to exporters in sensitive industries.”

Reuters reported on Tuesday that Alibaba (Baba), JD.com (Nasdaq:Dinar), Baidu (Baidu) and other Chinese technology companies listed in the United States by Chinese regulators Prepare for further scrutiny disclosures,

Earlier this month, the China Securities Regulatory Commission and other agencies reached out to these companies and asked them to prepare audit documents for 2021.

Ali Baba (Baba) decreased 3.6%JD.com (Dinar) decreased 6.5%, Weibo (Nasdaq:WB) down 2.9% and Pinduoduo (Nasdaq:PDD) It fell 7.5%.

Shares of other companies, such as Tencent (OTCPK: TCEHY), Kingsoft Cloud (KC), Huya (air), DouYu (And you, too), Dada Nexus (dada), poson (BZUN), Bilibili (Billy), KE Holdings (BEKE), joey (YY), NetEase (NTES), zihu (ZH), Trip.com Group (TCOM), iQIYI (I.Q), Hello Group (Momo), Vipshop (VIP) and Dingdong (DDL) It also fell on Thursday.

Alibaba and other Chinese ADRs and internet stocks have plummeted in recent weeks, which began on March 10 when the US Securities and Exchange Commission identified five companies from China that could be delisted for noncompliance. American Accounting Regulations.