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Hutchmed (China) Ltd - Hong Kong-based biopharmaceutical company - Says its depositary shares may be delisted from New York's Nasdaq exchange in early 2024 unless the Holding Foreign Companies Accountable Act is amended to exclude Hutchmed. The act is part of regulatory focus in the US on access to audit and other information. It requires the US Securities & Exchange Commission to prohibit the securities of any company from being traded on any of the US securities exchanges if the auditor of the company's financial statements is not subject to inspection by the US Public Co Accounting Oversight Board for three consecutive years. Another way for Hutchmed to be excluded from the act is if the PCAOB is able to conduct a full inspection of the company's auditor during the required timeframe.
Current stock price: 258.03 pence, down 7.2% in London
12-month change: down 37%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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