Alibaba says it will 'strive to maintain' NYSE listing after cracking SEC's delisting warning list
Alibaba Group Holding Ltd. acknowledged in a Monday filing that it has been identified by the Securities and Exchange Commission as a foreign company whose auditing paperwork couldn't be fully inspected by the Public Company Accounting Oversight Board, though the company said it would work to stay listed on the New York Stock Exchange. The U.S. Holding Foreign Companies Accountable Act sets various rules about the inspection of international companies' auditing processes, and if the Public Company Accounting Oversight Board can't fully inspect the accounting firm that audited a foreign company's financials for three years, that company's shares won't be able to be listed on the NYSE or other U.S. exchanges. "Alibaba will continue to monitor market developments, comply with applicable laws and regulations and strive to maintain its listing status on both the NYSE and the Hong Kong Stock Exchange," the company said in its Monday morning filing. Alibaba's U.S.-listed shares are up about 2% in premarket trading Monday after they declined more than 11% in Friday's session.
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