The Securities and Exchange Commission (SEC) on Wednesday added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act (HFCAA).
Under the HFCAA, China-based public companies face delisting from U.S. stock exchanges if they do not allow their audits to be inspected by the Public Company Accounting Oversight Board (PCAOB) for three consecutive years, beginning in 2021. The earliest a company could be delisted would be 2024.
