Real-time Estimate Cboe BZX - 12:43 2022-12-05 pm EST
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JD.com, Yum China Join Alibaba in First Batch of Firms for US Audit Check

08/31/2022 | 08:26pm
(MT Newswires) -- JD.com (HKG:9618) and Yum China Holdings (HKG:9987) have joined Alibaba Group (HKG:9988) in the first batch of Chinese companies that will be the subject of audit inspections as part of an agreement between US and Chinese regulators, Reuters reported Wednesday, citing people with direct knowledge of the matter.

Earlier on Wednesday, Reuters reported that Alibaba and other Chinese firms’ audit inspections will begin in September.

The news outlet most recently said that JD.com and Yum China have also been notified that they are in the first batch that will be inspected in Hong Kong by the Public Company Accounting Oversight Board (PCAOB).

The firms’ auditors, Deloitte and KPMG, have also been informed of the inspections, according to the report.

JD.com, Yum China, KPMG and the China Securities Regulatory Commission did not respond immediately to requests for comment, while a Deloitte spokesperson said it was not company policy to comment on client matters, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

MT Newswires 2022
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