June 27, 2022
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Chinese regulators are urging US-listed companies to release audits

Chinese regulators are urging US-listed companies to release audits

By Ying Shi Yang and Julie Joo and Xi Yu and Kevin Huang

HONG KONG / BEIJING (Reuters) – Chinese regulators have asked some US-listed companies in the country, including Alibaba, Baidu and Jedi.com, to prepare for audits as Beijing accelerates efforts to ensure domestic companies are listed. In New York.

As part of that move, four sources told Reuters that the China Securities Regulatory Commission (CSRC) and other regulators had earlier this month assembled key Internet companies, including search leader Baidu and e-commerce firm JD.com.

The companies were asked to prepare audit documents for fiscal year 2021, and with the request of US regulators for disclosure in mind, sources said, anonymously.

The first evidence suggests that companies should seek advice from Chinese regulators if there is any uncertainty during the process.

CSRC Alibaba, Baidu, JD.com and Weibo did not immediately respond to a request for comment.

The move highlights Beijing’s willingness to address a long-standing Sino-US audit stalemate that has cost hundreds of billions of dollars in US investment in Chinese companies.

U.S. officials are moving to expel Chinese companies from the U.S. stock market if the company’s audit records are not available for inspection for three consecutive years.

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