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China’s Weibo says will evaluate options following SEC addition under HFCCA -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – This illustration shot taken December 7, 2021, shows the Weibo logo on a cell phone. REUTERS/Florence Lo/Illustration

(Reuters) – Weibo (NASDAQ) Corp announced on Thursday that they will be evaluating alternatives in reaction to U.S. Securities Exchange Commission’s (SEC) addition to its U.S.-listed platforms. These platforms could face delisting.

Washington long sought complete access to U.S.-listed Chinese businesses’ books, but Beijing, out of national security concern, prohibits foreign inspection of local accounting firms’ working papers.

HFCCA is a law that requires the SEC (the SEC) to remove stocks from any company not in compliance with the HFCCA. It was approved by Congress. SEC rules were finalized to delist Chinese companies. In December, it said that 273 Chinese companies had been identified.

This month, the SEC named five new firms for the first-time: Yum China Holdings (NYSE 🙂 and Biotech Firm. BeiGene It could be delisted. On Wednesday, it added Weibo on the list.

Yum China Holdings also stated that it could be forced to delist the New York Stock Exchange by 2024, after U.S authorities claimed it failed to give access to audit records.

A Reuters report Tuesday citing sources claims that Chinese regulators asked U.S. listed firms to provide information. Alibaba (NASDAQ) Baidu (NASDAQ), and JD(NASDAQ:).com to get ready for further audit disclosures. Beijing is intensifying efforts to make sure domestic companies are still listed in New York.

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