Alibaba in audit ban crossfire: Are state secrets to blame?
China’s finance ministry has proposed eliminating audit licences for overseas-listed Chinese companies, throwing into doubt Alibaba’s planned IPO. Experts suggest state secret security could be a factor for the escalating tension.
China’s Ministry of Finance (MOF) caused controversy after it issued a proposal to ban overseas (including Hong Kong) accounting firms from sending their staff to China to audit Chinese companies listing abroad on May 19.
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