Beijing time:2022-03-12 11:31
[NTD, Beijing, March 12, 2022]The U.S. Securities and Exchange Commission on Thursday named five Chinese companies that could be delisted in 2024 if they fail to comply with audit regulations, sending Chinese technology stocks tumbling. Some financial experts pointed out that China’s large enterprises have collapsed in the past year, and it will be very difficult to maintain China’s GDP this year.
The U.S. Securities and Exchange Commission (SEC) named five Chinese companies on Thursday (10th), indicating that if these companies fail to comply with audit regulations, they may be delisted in 2024. That night, the Nasdaq Golden Dragon China Index fell 10 percent, the biggest drop since October 2008. Chinese technology stocks fell to a new low in intraday trading on Friday (11th), with the Hang Seng Technology Index down as much as 8.2% in early trading, the biggest drop since July last year.
CNBC: “Yum China, which owns KFC and Taco Bell, responds, may delist from NYSE in early 2024.”
The five Chinese companies included in the tentative list include BeiGene, Yum China, Zai Lab, Chi-Med and Shengmei Semiconductor. The five U.S. stocks fell between 6% and 22% on Thursday (10th). Last December, the U.S. Securities and Exchange Commission (SEC) identified a total of 273 companies at risk of not complying with audit checks.
CNBC: “Now the SEC’s public rollout has once again triggered panic in the technology stock market, and there may be more Chinese stocks that are about to be forcibly delisted.”
Affected by this incident, Chinese concept stocks listed in the United States plummeted simultaneously. iQIYI tumbled more than 20%, and JD.com and Pinduoduo all tumbled more than 15%.
Yahoo Finance: “Some of them are down 73% this year alone, all of them are down, almost all of them are down 20% or more. It’s incredible to see price action being reflected because it seems The West is decoupling from the East in many different ways. This is just a microcosm of that.”
Xie Jinhe, a financial expert, also said on the social platform, “The worst day for Chinese stocks!” “Alibaba’s stock price fell 8%, setting a record of US$90.82. The stock price fell from US$319.32, and it has fallen by 70%.” The market value of Xiaomi is 468.1 billion Hong Kong dollars, which is already smaller than that of Hon Hai. Large-cap companies represent the competitiveness of a country’s industry. In the past, they represented the Chinese companies that China conquered and conquered the world. In the past year, their stock prices have fallen one after another. Next, this is a potential big variable in China’s economy. It will be very difficult for China’s economy to maintain the fifth meeting this year!”
NTDTV Asia Pacific TV reported by Lin Yutang and Li Jingjing from Taipei, Taiwan
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