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English|China Shares in US Jump as Report of Audit Talks Progress Eases Delist Risk

BEIJING, August 25  (TMTPOST)— U.S.-listed Chinese shares saw a big rally on a report that eases the market fears about these stocks’ possible delisting from American exchanges.
English|China Shares in US Jump as Report of Audit Talks Progress Eases Delist Risk
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Source: Visual China
The Nasdaq Golden Dragon China Index, which tracks China-exposed firms listed in the United States, jumped 6.3% Thursday, the largest one-day gain in two months, to the highest close since July 7. The move brings the index’s four-day rally to more than 10%. The American depositary receipts (ADRs) of Alibaba Group, the most valuable Chinese firm listed in U.S., gained nearly 8%, and shares of its e-commerce peers Pinduoduo and JD.com rose 12.4% and 9.2% respectively. Other Chinese tech giants also outperformed the market. Baidu shares surged almost 9% while NetEase up 4.5%. Three prominent Tesla’s Chinese rivals NIO, Li Auto and Xpeng added 6.5%, 4.6% and 1.9% respectively.
The United States and China nearly settle agreement to allow the Public Company Accounting Oversight Board (PCAOB), an accounting body under the U.S. Securities and Exchange Commission (SEC), to fly to Hong Kong for on-site audit inspection on U.S.-listed Chinese companies as soon as next month, the Wall Street Journal cited people familiar with the matter Thursday. The sources said Beijing has asked domestic companies and their accounting firms to transfer relevant documents and data to Hong Kong, and the China Securities Regulatory Commission (CSRC) has informed some of these companies about the plan.
【English|China Shares in US Jump as Report of Audit Talks Progress Eases Delist Risk】PCAOB didn’t comment on the report. CSRC, in response the media’s query, didn’t disclose any related information yet. However, more and more Chinese listed firms are making efforts to mitigate regulatory risks at home and abroad as talks between China and America still failed to address disagreement on audit records.
Alibaba announced in late July to seek the dual primary listing in Hong Kong, an attempt for allowing its shares continue to be traded even if it fails to avoid of being delisted from the U.S. stock market. The e-commerce giant earlier this month disclosed the Hong Kong Stock Exchange (HKEX) approved its application for conversion of its secondary listing status. It expected the primary conversion to be effective by the end of the year.
Two weeks earlier, five leading Chinese state-owned companies, including two energy giants PetroChina and Sinopec, said they were going to delist from the New York Stock Exchange (NYSE) by early September. CSRC then commented these companies' decisions were made on their business concerns, and added that both listing and delisting are normal in the capital market.

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