|From: Sr K||8/21/2021 2:49:09 PM|
|Jack Ma’s Costliest Business Lesson: China Has Only One Leader|
The billionaire entrepreneur matched the heights of America’s tech legends but failed to heed warnings that Chinese leader Xi Jinping still called the shots
Jack Ma in 2018 at an international investment conference in Johannesburg.PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES
Aug. 20, 2021 11:33 am ET
Brainy and ambitious, Jack Ma built one of China’s largest business empires from scratch, creating billions of dollars in wealth and introducing digital innovations to hundreds of millions of people. He wasn’t China’s Jeff Bezos, Elon Musk or Bill Gates. He was their peer.
Now he has disappeared almost entirely from public view, in part because of the same go-for-broke drive he shared with the other 21st century tech titans.
Technological disruption, once seen as a useful prod for China to catch up with the West, has been recast as a threat to the ruling Communist Party. As a result, Xi Jinping, China’s most powerful leader in decades, is rewriting the rules of business for the world’s second-largest economy.
Mr. Ma failed to keep pace with Beijing’s shifting views and lost an appreciation for the risks of falling out of step, according to people who know him. He tuned out warnings for years, they said. He behaved too much like an American entrepreneur.
Mr. Ma’s exit from the world stage followed a typically frank speech in October, when he criticized Chinese regulators for stifling financial innovation. Mr. Xi personally intervened days later to block the record $34 billion-plus initial public offering of Ant Group, Mr. Ma’s financial-tech company. Since then, Ant has been forced to restructure its business, leaving the company’s employees and investors in limbo.
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|From: Julius Wong||8/22/2021 5:57:15 PM|
|At Friday close, BABA was $157.96|
The BABA Technologies Trades: Below is a look at the notable alerts, courtesy of Benzinga Pro:
At 6:24 p.m., a trader executed a block trade above ask of 1.6 million Alibaba shares at $160.98 per piece. The trade represented a $257.56 million bullish bet.
At 6:28 p.m., a trader executed a block trade above ask of 2.2 million Alibaba shares at $160.98 per piece. The trade represented a $354.15 million bullish bet.
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|From: Glenn Petersen||8/23/2021 7:19:15 PM|
|BABA is already listed on the NYSE, so the following is probably not applicable to the company. It is, however, indicative of the added regulatory scrutiny being given to the listings of Chinese companies.|
EXCLUSIVE SEC gives Chinese companies new requirements for U.S. IPO disclosures
By Echo Wang
Aug 23 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has started to issue new disclosure requirements to Chinese companies seeking to list in New York as part of a push to boost investor awareness of the risks involved, according to a document reviewed by Reuters and people familiar with the matter.
Some Chinese companies have now started to receive detailed instructions from the SEC about greater disclosure of their use of offshore vehicles known as variable interest entities (VIEs) for IPOs; implications for investors and the risk that Chinese authorities will interfere with company operations.
Last month, SEC Chair Gary Gensler asked for a "pause" in U.S. initial public offerings (IPOs) of Chinese companies and sought more transparency about these issues. Chinese listings in the United States came to a standstill after the SEC freeze. In the first seven months of 2020, such listings reached a record $12.8 billion, as Chinese companies capitalized on the soaring U.S. stock market.
"Please describe how this type of corporate structure may affect investors and the value of their investment, including how and why the contractual arrangements may be less effective than direct ownership, and that the company may incur substantial costs to enforce the terms of the arrangements," said one SEC letter seen by Reuters.
The SEC has also asked Chinese companies for a disclosure that "investors may never directly hold equity interests in the Chinese operating company," according to the letter. Many Chinese VIEs are incorporated in tax havens such as the Cayman Islands. Gensler has said there are too many questions about how money flows through these entities.
"Refrain from using terms such as 'we' or 'our' when describing activities or functions of a VIE," the letter stated.
An SEC spokesperson did not immediately respond to a request for comment.
The SEC has also provided disclosure requirements pertaining to the risk of Chinese regulators intervening with company data security policies, the sources said. Last month, just days after the blockbuster IPO of Didi Global Inc (DIDI.N), Chinese regulators banned the ride-sharing giant from signing up new users. This move was followed by crackdowns on technology and private education companies.
The SEC has also asked some companies for more details in cases where they do not comply with the U.S. Holding Foreign Companies Accountable Act on accounting disclosures to regulators. China has so far prevented companies from sharing the work of their auditors with the U.S. Public Company Accounting Oversight Board. Last month, the SEC removed the chairman of the board, which has been unsuccessful in its push to ensure independent auditing of U.S.-listed Chinese companies.
The SEC's move represents the latest salvo by U.S. regulators against corporate China, which for years has frustrated Wall Street with its reluctance to submit to U.S. auditing standards and improve the governance of companies held closely by founders.
The SEC is also under pressure to finalize rules on the delisting of Chinese companies that do not comply with U.S. auditing requirements.
Reporting by Echo Wang in New York Editing by Greg Roumeliotis and David Gregorio
EXCLUSIVE SEC gives Chinese companies new requirements for U.S. IPO disclosures | Reuters
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|To: Glenn Petersen who wrote (780)||8/30/2021 12:54:38 PM|
|From: Glenn Petersen|
|Alibaba squeezed by crackdown as JD.com and Pinduoduo pounce|
Regulatory scrutiny and scandals put e-commerce leader on the ropes
NAOKI MATSUDA, Nikkei staff writer
August 28, 2021 10:01 JST
JD.com's e-commerce business has boomed, though rising costs in its logistics business dragged down overall earnings. © Reuters
Alibaba squeezed by crackdown as JD.com and Pinduoduo pounce - Nikkei AsiaSHANGHAI -- China's crackdown on Big Tech has shifted the balance in the country's e-commerce market, with JD.com and Pinduoduo continuing to thrive while industry leader Alibaba Group Holding bears the brunt of the damage, earnings releases show.
While all three companies face the same regulatory environment, Alibaba has come under particularly heavy pressure over its business practices -- to the direct benefit of its rivals, especially JD.
JD Retail CEO Xu Lei seemed to take a jab at Alibaba in JD's earnings call Monday. The new rules aim to "regulate misconduct such as disorderly capital expansion [and] monopolistic contacts" and "create a fair and orderly business environment and to promote long-term and sustainable development," goals that are "conducive to JD's long-term business growth," he said.
JD's revenue jumped 26% on the year last quarter. Its overall sales exceed Alibaba's, though Alibaba has triple the transaction volume because of differing business models. Operating profit in JD's retail segment grew 23%.
Perhaps the biggest reason was the government's squeeze on Alibaba.
Regulators in April slapped Alibaba with a record fine topping 18.2 billion yuan ($2.8 billion) for violating antitrust law, finding that the behemoth had for years pressured merchants that sold on its platform not to do business with such competitors as JD.
Without these constraints, Alibaba-monopolized brands like Starbucks and luxury conglomerate LVMH Moet Hennessy Louis Vuitton's portfolio were free to set up shop on JD, which reported 531 million users at the end of June -- up nearly 30% from a year earlier.
Leveraging the WeChat messaging app to expand its user base, Pinduoduo posted its first quarterly net profit since listing on Nasdaq in 2018. © Reuters
Also benefiting from the shifting landscape is Pinduoduo, which on Tuesday reported a 2.4 billion yuan net profit for the three months through June to enjoy its first quarter in the black since listing on Nasdaq in 2018.
Pinduoduo is the latest entrant into what has only recently become the big three in China's e-commerce sector. Alibaba had ruled the roost until 2019, with JD working to catch up. But last year, the 5-year-old Pinduoduo became large enough to emerge as a threat.
Pinduoduo made good use of the WeChat messaging app from major shareholder Tencent Holdings to market affordable products in smaller cities and rural areas. Its user base has grown explosively in recent years, swelling 24% in the year through June to nearly 850 million -- larger than Alibaba's.
The company had been investing heavily in expanding its customer base through big sales events, with profitability as an afterthought. As it starts turning to recouping this spending, it could become an even bigger force.
Revenue nearly doubled on the year last quarter, and according to an insider, the move into the black came as a surprise to market players. Pinduoduo shares jumped 22% on Nasdaq on Tuesday.
Despite their current strength, some uncertainty surrounds the outlook for JD and Pinduoduo.
While JD's mainstay e-commerce business enjoyed strong growth, overall net profit sank 95% on the year as such other areas as logistics weighed heavily on earnings. The company complied with regulators' demands to improve drivers' compensation, pushing up costs for pay and benefits and pushing the business into the red.
Pinduoduo CEO Chen Lei acknowledged when asked on Tuesday's call that the regulatory changes could have some impact, including on merchant demand for advertising tools.
But Alibaba is in the toughest position. Its operating profit sank 11% on the year last quarter, and new compliance challenges are still emerging.
In an unusual internal message to staffers on Aug. 8, CEO Daniel Zhang said he was "shocked, furious and ashamed" over allegations that a male employee had sexually assaulted a female subordinate.
Another message on Aug. 12, this time from the company, announced steps to prevent such incidents in the future, such as setting up an internal reporting system. But Alibaba was lambasted in Chinese media for days over its delays in dealing with the matter.
A different sort of governance problem came to light Monday with the news that an Alibaba Cloud employee had allegedly leaked personal customer data. Authorities in the company's home province of Zhejiang have launched an investigation.
Alibaba remains more profitable than the competition for now. But change can be quick in the Chinese e-commerce industry, and a misstep in its response to these tribulations could leave JD and Pinduoduo hot on its heels.
Alibaba squeezed by crackdown as JD.com and Pinduoduo pounce - Nikkei Asia
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|To: Glenn Petersen who wrote (781)||9/2/2021 12:32:03 PM|
|From: Glenn Petersen|
|Alibaba Pledges $15.5 Billion as Chinese Companies Extol Beijing’s ‘Common Prosperity’ Push|
Tencent and others also rush to support government initiative to bolster social equality in China
By Frances Yoon
Wall Street Journal
Updated Sept. 2, 2021 9:51 am ET
Alibaba is the latest big company in China to express support for the common prosperity campaign driven by President Xi Jinping. PHOTO: TINGSHU WANG/REUTERS
Alibaba Group Holding Ltd. vowed to spend the equivalent of $15.5 billion fostering social equality, becoming the latest in a series of big Chinese companies to take up Beijing’s drive for what it calls “common prosperity.”
Businesses and individual entrepreneurs are in some cases pledging billions of dollars to good causes, and companies have quickly adopted the newly popular slogan, as they seek to stay on the right side of President Xi Jinping’s government amid a series of corporate crackdowns.
Alibaba said Thursday it would spend 100 billion yuan, the equivalent of $15.48 billion, by 2025 in support of Beijing’s common prosperity campaign, confirming a report in the Zhejiang News, an outlet run by the provincial branch of the Communist Party.
The report listed a series of uses for the money, including funding for technological innovation, supporting economic growth and agricultural modernization in less developed regions, and bridging the digital divide between urban and rural areas. Alibaba will also support young entrepreneurs and gig-economy workers, and help disadvantaged sectors of society, the Zhejiang News said.
President Xi Jinping has used the common prosperity initiative to reflect China’s heightened focus on social equality and economic development. PHOTO: SHEN HONG/XINHUA/ZUMA PRESS
A fifth of the money would help develop Alibaba’s home province of Zhejiang, the local news media outlet said. The ruling Communist Party’s top leadership designated the eastern province as a showcase locality for common prosperity in May.
Alibaba’s pledge is substantial, even for a company of its heft. The e-commerce giant had a market value of about $461 billion as of Wednesday, according to FactSet. Analysts polled by the data provider expect it to generate about $143 billion in revenue in the financial year ending March 2022.
Common prosperity isn’t a new term, but has taken on greater significance recently. It was used by Mr. Xi at a major meeting on financial and economic affairs last month, reflecting his government’s heightened focus on social equality.
That focus helps explain recent clampdowns on powerful technology companies such as Alibaba and Tencent Holdings Ltd., the gaming and social-media giant, as well as on other businesses seen as contributing to social divides.
A day after Mr. Xi’s comments, Tencent said it would spend the equivalent of $7.7 billion promoting common prosperity this year, by investing in matters such as medical care, education and revitalizing rural areas. It had pledged an investment of equivalent size in April. Tencent was valued at $596 billion as of Wednesday’s market close, according to FactSet.
Businesses in a range of sectors also have jumped on the bandwagon. Companies that have mentioned common prosperity in recent earnings reports include state-owned banking giant Industrial & Commercial Bank of China Ltd., property developer Logan Group Co., and Ping An Insurance (Group) Co. of China.
“It makes sense for every company in China to align themselves” with the common prosperity push, said Elizabeth Kwik, Asian equities investment manager for Aberdeen Standard Investments.
She added, “But it doesn’t mean the government is placing society over earnings or shareholders—they just want companies to play a part and help achieve fair distribution of income.”
China’s newer tech companies are also getting with the program.
Without using the term common prosperity, on Aug. 24 Pinduoduo Inc., a fast-growing rival to Alibaba, said it would earmark the equivalent of $1.55 billion in profit from the second and subsequent quarters to help farmers and rural areas, with an initiative focused on agricultural technology.
Businesses in a range of sectors in China are getting behind the cause of sharing wealth and pledging investment in underdeveloped areas. PHOTO: QILAI SHEN/BLOOMBERG NEWS
Food-delivery giant Meituan has also stressed its adherence to the cause. “We will never stop creating greater value for all the participants in our ecosystem and promoting ‘common prosperity’ for the larger society,” the company said in financial results published Aug. 30.
Meituan Chairman Wang Xing, who has personally donated shares worth billions of dollars to a charitable foundation, said his group would live up to higher expectations from government and society, help create more jobs and work to achieve carbon neutrality.
In time, the drive to share wealth more widely could lift the cost of doing business over and above any one-off donations, analysts and economists say.
For example, companies are likely to lift wages, which will lower their profits, said Carlos Casanova, a senior economist for Asia at Union Bancaire Privée. By next year, Mr. Casanova said he expects more clarity on how the government will pursue common prosperity, making it easier to understand which sectors will benefit from or be hurt by the reform.
Companies could be asked to contribute in the form of paying higher taxes or making greater charitable donations, said Ben Luk, senior multi-asset strategist at State Street Global Markets.
Some executives say their core business is already contributing to the wider good. Entrepreneur Guo Guangchang, the co-chairman of conglomerate Fosun International Ltd., told investors recently that common prosperity was “our core value.”
Growing Fosun’s business would aid common prosperity by benefiting staff, customers, investors and partners, he said, while its Fosun Foundation was involved in social and charity initiatives.
—Raffaele Huang contributed to this article.
Write to Frances Yoon at email@example.com
Alibaba Pledges $15.5 Billion as Chinese Companies Extol Beijing’s ‘Common Prosperity’ Push - WSJ
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|From: Glenn Petersen||9/13/2021 9:40:54 AM|
|Alibaba slides on report China plans to break up payment app|
Published5 hours ago
Shares in Chinese technology giant Alibaba have fallen sharply after a report that its financial affiliate Ant Group is again under scrutiny.
Regulators want to break up Alipay, which is China's biggest payments app with more than a billion users, according to the Financial Times.
A separate platform for the app's profitable lending operation would be created under the plan.
It would be the latest move by Beijing to tighten its grip on big businesses.
Ant could also be forced to hand over the user data that underpins its loans decisions to a new credit scoring firm, which would be partly state-owned, the report said.
Alibaba shares closed 4.2% lower in Hong Kong trade on Monday.
Ant Group did not immediately respond to a request for information from the BBC.
This would not be the first time that Ant Group has been targeted by the Chinese government.
The business empire of Jack Ma, the co-founder of both Ant Group and Alibaba, has been hit by a series of high-profile regulatory measures.
Chinese authorities started to show increasing interest in Ant Group in October last year after Mr Ma criticised regulators, suggesting that they were stifling innovation.
The following month, regulators scuppered the record $37bn (£27bn) share market launch of Ant Group.
In April, Alibaba was hit with a record $2.8bn fine over monopoly concerns.
At the same time, Chinese regulators called on Ant to conduct a sweeping business overhaul, including restructuring itself into a financial holding firm.
It was also told to fold its two micro-loan services, Jiebei and Huabei, into the new finance firm.
Ant will not be the only Chinese online lender to be affected by the new rules, the FT report said.
In recent months, Chinese regulators have been targeting other internet giants in a wide-ranging crackdown which has included competition and privacy issues, as well as user data and cryptocurrencies.
Alibaba slides on report China plans to break up payment app - BBC News
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|From: galaxy8||9/22/2021 7:15:08 PM|
|From Yahoo msg board: All the people bad mouthing BABA are the same people that think they are so smart paying 40-100 times sales for companies with negative earnings …. Currently earnings seem not to matter in this market, however at one point they always do.|
Look at SE …. It’s worth $185 billion which is 46% of BABA market cap …. SE has trailing revenue of $4.4 billion and negative earnings
BABA has trailing earnings of $23.5 billion … yes that’s correct earnings not revenue. BABA has 5.34 times the earnings that SE has revenues.
So all the clowns thinking they are smart buying SE at an absurd valuations on any metric (even on a forward basis) and trashing BABA. Just remember earnings and valuation do matter at some point. I’d hate to be playing musical chairs when all of a sudden they do matter.
BABA is not a broken company, it is a victim of a broken sentiment. Over time sentiment changes and in the end when entering a long position valuation does matter.
So you can buy SE at 42 times sales with negative earnings and sky high expectations. Or buy BABA at 3.5 times sales, a PE of 18 and extreme low expectations.
I know which one I am more comfortable owning, do you?
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|From: Glenn Petersen||10/3/2021 5:38:12 AM|
|Countdown Starts on Chinese Company Delistings After Long U.S.-China Audit Fight|
The three-year countdown will accelerate a decoupling of the world’s two largest economies
By Dawn Lim in New York and Jing Yang in Hong Kong
Wall Street Journal
Oct. 2, 2021 7:00 am ET
U.S. securities regulators have started a countdown that will force many Chinese companies to leave American stock exchanges, after a long impasse between Washington and Beijing over access to the companies’ audit records.
The action will accelerate the decoupling of the world’s two largest economies and affect investors that own securities in more than 200 U.S.-listed Chinese companies with a combined market value of roughly $2 trillion.
In late 2020, then-President Donald Trump signed a law that bans the trading of securities in foreign companies whose audit working papers can’t be inspected by U.S. regulators for three years in a row. The passing of the Holding Foreign Companies Accountable Act followed nearly a decade of failed attempts by regulators in the U.S. and China to resolve sharply differing expectations over how such audit inspections would be carried out.
The Securities and Exchange Commission is working out details of how the law will be implemented and is finalizing its associated rules. Its chairman, Gary Gensler, has said the clock started ticking this year.
The SEC expects that U.S. regulators could flag Chinese companies in 2022 if they don’t get access to audit work involving 2021 financials of those companies, a person familiar with the matter said.
Anticipating the outcome, some investors have exchanged their American depositary receipts in Chinese companies for shares that trade on Hong Kong’s stock exchange.
New York fund manager WisdomTree Investments in late 2020 swapped ADRs of Alibaba Group Holding Ltd. for the e-commerce giant’s Hong Kong-listed shares, in some exchange-traded funds. The firm is monitoring Hong Kong trading volumes to determine whether it should convert other companies’ ADRs, said Liqian Ren, a quantitative investment specialist.
Wim-Hein Pals, head of the emerging markets equity team at Netherlands-based asset manager Robeco, said he swapped all Chinese ADRs to Hong Kong-listed shares where possible between last year and early this year. Chinese ADRs now represent just 1.5% of his roughly $1.4 billion emerging-markets portfolio.
“We see liquidity moving gradually but consistently to Hong Kong over the next couple of years. More and more investors will go to the Hong Kong-listed names, and neglect their U.S.-listed shares,” Mr. Pals predicted.
Since Alibaba’s landmark secondary listing in Hong Kong in late 2019, 15 more U.S.-listed Chinese companies added so-called homecoming listings in the Asian financial hub, according to Hong Kong stock exchange data. Recent data shows most trading still occurs among Chinese ADRs.
For years, U.S. regulators said they never got the transparency they needed into the work of auditing firms on Chinese companies, because China wasn’t routinely handing over the papers they needed or negotiating in good faith.
The Chinese side, on multiple occasions, said it opposes “politicization of securities regulation,” and that it welcomes dialogue to find a solution.
For data-heavy internet companies, which make up the bulk of U.S.-listed Chinese companies, audit working papers can contain raw data such as meeting logs, user information and email exchanges between companies and government agencies, among other things. In the U.S., the inspections are done by the Public Company Accounting Oversight Board, which the SEC oversees.
China has also said giving a foreign government access to such details for data-heavy tech companies could endanger state security. Earlier this year, Chinese officials wanted ride-hailing giant Didi Global Inc. to put off its New York listing until they could address the audit working paper issues, The Wall Street Journal previously reported.
U.S. officials, in turn, have said China has used the national security argument as a ruse to not open up companies’ books.
The audit standoff has long been a contentious point in cross-border relations between the two countries. For more than a decade, the PCAOB, which functions essentially as the auditor of auditors, has struggled to inspect China-based audit firms, as well as the mainland Chinese affiliates of the Big Four accounting firms.
In 2013, the U.S. and China had a brief breakthrough. Both sides agreed to allow the PCAOB to inspect work done by auditors of U.S.-listed Chinese companies that were being investigated by regulators.
The China Securities Regulatory Commission subsequently turned over the audit papers of four companies for PCAOB’s review. The 2013 pact also paved the way for both sides to talk about a broader set of inspection protocols.
In late 2015, officials from both countries met in Beijing to try to establish those protocols. After two weeks of negotiations, the talks broke down. One deal breaker: Chinese officials weren’t willing to let the U.S. inspect the audit papers of Alibaba and Baidu Inc., two of the most valuable Chinese companies listed on American exchanges.
Shaswat Das, the PCAOB’s chief negotiator at the time, said he understood from prior talks with the Chinese that access would be granted, and took their response—that they needed to consult with other ministries and the State Council first—as a sign they weren’t negotiating in good faith.
The Chinese side had expected the U.S. to eventually come around to “regulatory equivalence,” an arrangement that China has with the European Union, said Paul Gillis, professor of practice at Peking University’s Guanghua School of Management and a former member of the PCAOB Standing Advisory Group. “It basically means the U.S. would accept the work done by the Chinese regulator as if they had done it themselves,” he said.
That wasn’t acceptable to the U.S., people familiar with the SEC and PCAOB’s thinking said.
U.S. and Chinese officials tried to revive talks afterward, but they couldn’t agree on key issues. One sticking point was China’s restricting of information that U.S. regulators considered essential. In 2017, when the PCAOB attempted to inspect an audit of a China-based company, the Chinese didn’t produce the working papers the U.S. demanded and redacted others, according to an oversight board letter to government officials.
In the absence of a resolution, the Holding Foreign Companies Accountable Act was introduced in March 2019.
In April 2020, the CSRC proposed a joint inspection framework under which U.S. officials can conduct inspections and investigations in China with Chinese officials present and access audit papers of companies deemed relevant by the Chinese side.
Accounting irregularities at Luckin Coffee, a rival to Starbucks in China, hardened many politicians’ resolve to push through a bill to enforce tighter audit standards. PHOTO: MARK SCHIEFELBEIN/ASSOCIATED PRESS
The proposal was seen as imposing “critical limitations” on the PCAOB’s ability to conduct inspections, according to the oversight board letter.
Around the same time, Luckin Coffee Inc., an upstart rival to Starbucks Corp. in China, admitted to fabricating revenues and expenses. The accounting chicanery hardened many politicians’ resolve to push through a bill to enforce tighter audit standards.
Luckin’s implosion also caused embarrassment back home. The CSRC publicly criticized the company but stopped short of taking any regulatory actions, because Luckin is registered in the Cayman Islands and listed in the U.S.
The CSRC offered an amended proposal to the PCAOB in August 2020. It is unclear what discussions followed.
In June this year, the Senate passed another bill that, if enacted, would shorten the three-year timetable for delistings to two years.
In August, CSRC Chairman Yi Huiman said promoting China-U.S. cooperation on auditing oversight is one of the regulator’s top priorities for the remainder of this year.
The looming threat of delistings gives U.S. officials key leverage on the negotiating table against the Chinese side. “If the U.S. is going to have any success at the negotiating table, this legislation has got to be implemented,” said Mr. Das, who is now a lawyer at King & Spalding LLP in Washington.
Write to Dawn Lim at firstname.lastname@example.org and Jing Yang at Jing.Yang@wsj.com
Countdown Starts on Chinese Company Delistings After Long U.S.-China Audit Fight - WSJ
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