Alibaba Drops as Inclusion in US Delisting List Fuels Jitters
- Company says it will strive to maintain NYSE, HKEX listings
- Stock had rallied briefly early last week on HK listing plan
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Alibaba Group Holding Ltd. fell on Monday amid escalating concerns that the stock may be booted off American stock exchanges for failing to comply with US disclosure rules.
The e-commerce giant’s shares declined 3.8% in Hong Kong to lead a drop in the Hang Seng Tech Index, which closed down 0.2%. The US securities watchdog on Friday added the stock to a growing roster of companies facing removal because of Beijing’s refusal to permit American officials to review their auditors’ work.