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PDD Switches to EY in HK for Auditing; Analyst Views This Is for HK IPO
Recommend 13 Positive 21 Negative 10 |
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Chinese e-commerce platform Pinduoduo (PDD.US) announced that this year's financial statements will be audited by Ernst & Young in Hong Kong instead of Ernst & Young Hua Ming LLP in Beijing. Some analysts believed this move may pave the way for Pinduoduo's future listing in Hong Kong. Spurred by the news, Pinduoduo rallied 2.97% overnight, closing at US$118.46. Felix Wang, an analyst at Hedgeye Risk Management, stated that companies planning to list in Hong Kong typically collaborate with local auditing firms to meet regulatory auditing requirements. Previously, BABA-W (09988.HK)(BABA.US) and JD-SW (09618.HK)(JD.US) adopted similar strategies for their Hong Kong listings. AASTOCKS Financial News Website: www.aastocks.com |
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