Hutchmed China Ltd - Hong Kong-based biopharmaceutical company - US Securities & Exchange Commission identifies Hutchmed China under the new Holding Foreign Companies Accountable Act, which identifies public companies who have used auditors from overseas or auditors who are unable to be investigated completely. The new regulation has no impact on business operations, Hutchmed says.
"Under the current terms of the Act, the company's American depositary shares will be delisted from the Nasdaq Stock Market in early 2024," the company explains.
"We will continue complying with relevant laws and regulations in all the jurisdictions we are listed," Hutchmed says.
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.
Current stock price: 290.40 pence, down 3.5% on Thursday
12-month change: down 29%
By Tom Budszus; tombudszus@alliancenews.com
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Hutchmed (HCM)