TAL Education, Mercury Fintech added to list of companies facing possible delisting by SEC

Jun. 24, 2022 12:47 PM ETTAL Education Group (TAL), MFHBIDU, WB, BGNE, YUMC, ZLAB, ACMR, HCM, IQBy: Chris Ciaccia, SA News Editor

China flag waving in the wind.

Toa55/iStock via Getty Images

TAL Education Group (NYSE:TAL) and Mercury Fintech (NASDAQ:MFH) were added to a list of companies that face possible delisting from U.S. exchanges, the Securities and Exchange Commission said on Friday.

The two companies were added to the Holding Foreign Companies Accountable Act, or HFCAA, on June 24, the SEC said, according to its website.

The HFCAA was passed in September 2020 and requires the SEC to identify companies that the Public Company Accounting Oversight Board has had issues with regarding their audits.

TAL Education Group (TAL) and Mercury Fintech (MFH) did not immediately respond to a request for comment from Seeking Alpha.

A number of other Chinese companies have been added to the list in recent months, including Baidu (BIDU), Weibo (WB), biotech company Beigene (BGNE), Yum China (YUMC), Zai Lab (ZLAB), ACM Research (ACMR) and HUTCHMED (China) Ltd. (HCM), among others.

In March, Baidu (BIDU) said it was "actively exploring possible solutions" after the SEC added the Chinese internet giant to the list.

Chinese government officials recently told U.S.-listed Chinese tech firms, including Baidu (BIDU), to prepare for more audit disclosure from U.S. regulators.

Earlier this month, it was reported that Baidu (BIDU) was in talks to sell its controlling stake in Chinese video streaming services firm iQIYI (IQ).

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.