Popular Chinese tech stocks have plunged after the US regulator named five Chinese companies that could be removed from American stock markets for failing to meet audit requirements
The names cited by the US Securities and Exchange Commission on Thursday are fast-food company Yum China Holdings , tech firm ACM Research , biotech group BeiGene , Zai Lab , as well as pharmaceutical company Hutchmed.But big tech stocks also fell because investors are concerned that more companies might be added to the US regulator's list.Alibaba fell more than 5% Friday in Hong Kong. Its US-listed stock ended down 7.9% on Thursday.JD.
The companies cited by the SEC on Thursday are the first among the roughly 270 Chinese firms that could be delisted from the New York Stock Exchange or the Nasdaq for not complying with the law. According to Citi analysts in a research report on Friday, there are"worries that more companies will be put on the [US] list in the coming months.
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