- U.S. regulators have chosen e-commerce major JD.com, Inc (NASDAQ:J) and KFC operator Yum China Holdings, Inc (NYSE:YUMC), among other U.S.-listed Chinese companies, for audit inspection starting next month, Reuters reports.
- Both are in the first batch of Chinese firms for inspection in Hong Kong by the U.S. audit watchdog.
- Baidu, Inc (NASDAQ:BIDU) and NetEase, Inc (NASDAQ:NTES) also feature in the audit inspection list, Bloomberg reports.
- The regulators informed the accounting firm, including Deloitte, KPMG, PricewaterhouseCoopers, and Ernst & Young, of the audit work inspection.
- U.S. regulators have selected Alibaba Group Holding Limited (NYSE:BABA) and other U.S.-listed Chinese companies for audit inspections, likely to start next month.
- Earlier, the U.S. audit regulator forged an agreement with Chinese regulators to inspect and investigate registered accounting firms in China and Hong Kong.
- The Public Company Accounting Oversight Board (PCAOB) acknowledged it as the most detailed and prescriptive agreement the regulator has ever reached with China.
- U.S. regulators have been at loggerheads with China regarding access to their audit papers.
- As Beijing failed to impress U.S. regulators, Chinese e-commerce giants saw more of their shares shift to the Hong Kong market.
- So far, Chinese companies listed in the U.S. dodged the regulations citing security concerns.
- Price Action: JD shares traded higher by 1.80% at $62.62 in the premarket on the last check Wednesday.
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