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Alibaba (NYSE:BABA)’s shares were down about 9% at $91.25.
The Chinese e-commerce giant is among more than 270 Chinese companies listed in New York identified as being at risk of delisting under the Holding Foreign Companies Accountable Act (HFCAA) passed late last year.
The rule gives Chinese companies until early 2024 to comply with auditing requirements, though the U.S. Congress is weighing bipartisan legislation that could accelerate the deadline to 2023.
Alibaba has until August 19 to submit evidence disputing identification, the SEC said.
Others added to the list include Mogu (NYSE:MOGU) Inc, Boqii Holding Limited, Cheetah Mobile (NYSE:CMCM) Inc and Highway Holdings Limited.
