The statement came after Alibaba was added to the SEC's list of Chinese companies at risk of being delisted for not meeting auditing requirements on Friday.
law, the SEC identifies public companies that have retained a registered public accounting firm to issue an audit report where the firm has a branch or office.Bernstein upgrades Alibaba, says shares can rally more than 20% from here
On Monday, Alibaba said it was added to the SEC's list, indicating its audits for the fiscal year ended March 31, 2022 could not be fully reviewed by the U.S. Public Company Accounting Oversight Board. Under the HFCAA, if the PCAOB cannot fully inspect audits of a U.S.- listed company's financial statements for three consecutive "non-inspection" years, the SEC is required to bar the company's securities from being traded on U.S. markets.The tech giant's shares are already traded on both U.S. and Hong Kong exchanges, but the current listing in Hong Kong is a secondary one.
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