SEC threatens Weibo with stock exchange delisting • The Register
Weibo, the Chinese equivalent to Twitter, has been added to an SEC roll of companies that may be delisted due to inaccessible audits. Surprisingly, China seems to be taking DC’s side.
The microblogging platform is the sixth company to be added to a US Securities and Exchange Commission (SEC) roster of companies facing being booted off the stock exchange, with five of these based in China.
The Weibo Corporation – whose stock trades on the NASDAQ – joins cancer treatment biotech company BeiGene, Chinese KFC brand owner Yum China Holdings, biopharma firm Zai Lab, and pharmaceutical company HUTCHMED. US-based wet processing semiconductor firm ACM Research, which has research facilities in China, is also included in the list.
The list is made up of companies that fall foul of the 2020 Holding Foreign Companies Accountable Act (IFCAA), which affects organizations with offices in foreign jurisdictions that…