China regulators ask Alibaba, Baidu, some US-listed firms to prepare for audit disclosures

Asian Tech Press (Mar. 23) -- Chinese regulators have required some of the country's US-listed companies such as Alibaba, Baidu and to prepare for more audit disclosures.

The China Securities Regulatory Commission (CSRC) and other regulators summoned top Internet companies earlier this month, including search engine leader Baidu Inc. and e-commerce giant Inc., according to an exclusive report by Reuters on Wednesday.

Other Internet companies called up by regulators include Alibaba Group and Twitter-like firm Weibo Corp., online retailer Pinduoduo Inc. and Tencent's gaming rival NetEase Inc.

They were asked to prepare audit documents for the fiscal year 2021 when keeping in mind U.S. regulators' requests for more disclosure, the sources said.

The report said the move comes as China's regulators are considering a proposal to allow their U.S. counterparts to inspect audit working papers of some Chinese companies that don't collect sensitive data.

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