TCEHY - Alibaba Baidu drop as SEC says 'significant issues remain' to resolve audit transparency

Alibaba (NYSE:BABA), JD.com (NASDAQ:JD), Baidu (NASDAQ:BIDU) and several other Chinese technology stocks dropped on Tuesday after an official with the Securities and Exchange Commission said "significant issues remain" in resolving the transparency on getting more transparency and being able to audit Chinese firms. YJ Fischer, Director, Office of International Affairs, said that the  Public Company Accounting Oversight Board, or PCAOB needs access to audit paperwork from Chinese firms and the claim that the audit paperwork cannot be produced because of national security concerns is "questionable at best." In addition, Fischer noted that although there have been "ongoing and productive discussions" between U.S. and Chinese authorities concerning the audit investigations, time is "quickly running out." Alibaba (BABA) shares fell more than 6% to $82.07, while JD.com (JD) and Baidu (BIDU) both declined approximately 7.5%. Other Chinese tech stocks were hit, including NetEase (NTES), Bilibili (BILI), iQiyi (IQ), Tencent (OTCPK:TCEHY), Pinduoduo (PDD), Dada Nexus

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Alibaba, Baidu drop as SEC says 'significant issues remain' to resolve audit transparency