Exclusive-Chinese regulators ask some US-listed firms to prepare for audit disclosures – sources – CNA

HONG KONG/BEIJING : Chinese regulators have asked some of the country’s U.S.-listed firms, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures, sources said, as Beijing steps up efforts to ensure domestic companies remain listed in New York.

This comes as China’s regulators are considering a proposal to allow their U.S. counterparts to inspect audit working papers of some Chinese firms that do not gather sensitive data, two of the sources said.

As part of that move, the China Securities Regulatory Commission (CSRC) and other regulatory agencies earlier this month summoned top internet companies, including search engine leader Baidu Inc and e-commerce major JD.com Inc, four sources told Reuters.

They were asked to prepare audit documents for the 2021 financial year keeping in mind U.S. regulators’ requests for more disclosure, said the sources, who declined to be named as they were not allowed to discuss details of the meeting.

The companies should better seek…

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source: https://news.oneseocompany.com/2022/03/22/exclusive-chinese-regulators-ask-some-us-listed-firms-to-prepare-for-audit-disclosures-sources-cna_2022032216480.html

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