Five Chinese companies listed in New York have been named by US regulators as the first of as many as 270 groups that will be delisted if they do not hand over detailed audit documents that back their financial statements.
The US Securities and Exchange Commission said that fast-food giant Yum China, biotechnology groups BeiGene, Zai Lab and HutchMed, and technology company ACM Research faced delisting. The announcement triggered a sell-off in Chinese stocks that are traded in the US.
The regulator’s move comes after the US passed a law in December 2020 that required Chinese companies listed in the US to allow watchdogs such as the Public Company Accounting Oversight Board to review their financial audits.
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