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JD.com, Yum China Reportedly Join Alibaba as Selected Companies for Audit Inspection

08/31/2022 | 08:26am
(MT Newswires) -- JD.com (JD) and Yum China (YUMC) are among the US-listed Chinese companies selected by US regulators for an audit inspection beginning next month, Reuters reported Wednesday, citing unnamed sources with knowledge of the matter.

Alibaba Group Holding (BABA) is also among these companies, the news agency reported late Tuesday.

JD.com and Yum China have been informed they are in the first batch of companies to be inspected in Honk Kong by the US audits 'watcdog,' the Public Company Accounting Oversight Board, or PCAOB, the news agency reported.

Deloitte and KPMG, their accounting firms, have also been notified of the audit inspection, Reuters reported.

JD.com, Yum China, KPMG and China Securities Regulatory Commission did not respond immediately to request for comment from the news agency, while a Deloitte spokesperson said it was company policy not to make comment on specific company or client matters. The PCAOB could not be reached for comment by Reuters.

JD.com American depositary receipts were up 2% and Yum China shares were up 1.9% in recent early Wednesday premarket activity. Alibaba's American depositary receipts were up 1.9% as well.

(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.)

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MT Newswires 2022
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