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JD.com Warns of Risks in American Legislation That Could Force Chinese Delistings

By Ding Yi / Jun 10, 2020 03:50 AM / Business & Tech

Nasdaq-traded e-commerce giant JD.com warned of risks related to U.S. legislation that may lead to the delisting of Chinese companies from American bourses as Luckin Coffee’s acknowledgement of inflated revenue dampens investors’ trust.

In a filing to the Hong Kong Stock Exchange Monday, JD.com said U.S. efforts to increase regulatory access to audit information could “cause investor uncertainty for affected issuers, including us” and that “we could be delisted if we are unable to solve the situation.” The Beijing-based company is preparing to trade its shares in Hong Kong.

In May, the U.S. Senate overwhelmingly cleared the Holding Foreign Companies Accountable Bill, which stipulates that if a publicly traded company cannot show it is not controlled by a foreign government or if the Public Company Accounting Oversight Board (PCAOB) is unable to conduct an audit for three consecutive years, the company’s securities will be banned from U.S. stock exchanges. To go into effect, the measure needs approval by the House of Representatives and the signature of President Donald Trump.

JD.com also voiced concerns over potential legal actions by the U.S. Securities and Exchange Commission or the PCAOB against its accounting firms, which it said could result in future financial statements being found to be out of compliance with U.S. regulations.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Update: JD.com Seeks $4.05 Billion in Second Listing in Hong Kong


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