Posted by YEO Wei Lin, Year 3 undergrad at the School of Accountancy, Singapore Management University
Last updated: February 14, 2015 12:23 am
SEC seeks information from Alibaba
By Gina Chon in Washington
The US Securities and Exchange Commission has asked the Alibaba Group for information about its dealings with a Chinese regulator, which criticised the ecommerce company for inadequately policing its merchants for counterfeit goods.Alibaba in January denied it had potentially misled investors in the lead-up to its record $25bn initial public offering in the US last year, after China’s State Administration for Industry and Commerce revealed that it had been questioning Alibaba’s supervision of sellers on its online platform.
In its IPO filings before it went public in September, Alibaba did not disclose that it had been questioned by the SAIC, including during a meeting with Chinese regulators last July.
Read more: http://www.ft.com/intl/cms/s/0/1c58d404-b3d2-11e4-a6c1-00144feab7de.html#axzz3RpYTLXrq