Alibaba moves a step closer towards getting booted off US stock exchanges

Alibaba Group Holding has moved a step closer toward getting booted off US stock exchanges for American inspectors not being able to access to its financial audits.

The US Securities and Exchange Commission on Friday added the largest US-listed Chinese company to a growing roster of firms that face removal because of Beijing’s refusal to permit American officials to review their auditors’ work. The publication of the businesses’ names, which was required by a 2020 law, starts a three-year clock to a final delisting. 

The firm’s shares fell 9.5 per cent at 1:13 pm in New York after the announcement.