Why Shares of JD.Com, DiDi Global, and Up Fintech Holding Are Falling Today
Shares of Chinese stocks listed on U.S. exchanges struggled today as the situation between U.S. and Chinese financial regulators continued to play out. Recently, the Securities and Exchange Commission (SEC) has added more Chinese stocks that face being delisted.
Shares of JD.com (NASDAQ: JD) had fallen nearly 6% as of 1:03 p.m. ET today. Shares of DiDi Global (NYSE: DIDI) had sunk more than 9% and shares of Up Fintech Holding (NASDAQ: TIGR) traded nearly 11% down.
For decades now, U.S. and Chinese regulators have been at odds over the auditing of Chinese stocks that trade on U.S. exchanges. U.S. regulators want to fully review Chinese company financials like they do with U.S.-based stocks. However, Chinese regulators don't allow foreign accountants to review current Chinese company financials due to national security concerns.
Source Fool.com
