Why Shares of KE Holdings, Futu, and UP Fintech Are Rising Today
Shares of many Chinese companies rose significantly on Monday after Chinese regulators took more concrete steps over the weekend to resolve an auditing dispute that threatened to result in those stocks being delisted from U.S. exchanges.
As of 11:25 a.m. ET, shares of real estate platform operator KE Holdings (NYSE: BEKE) were trading nearly 15% higher, shares of online broker Futu Holdings (NASDAQ: FUTU) were up roughly 16%, and shares of UP Fintech Holding (NASDAQ: TIGR) were trading 11% higher.
U.S. financial regulators have long been frustrated with their inability to satisfactorily audit the financial statements of Chinese companies trading on U.S. exchanges, and also their inability to audit those companies' accounting firms. China has long had regulations that prevented foreign accountants and foreign government auditors from viewing Chinese companies' working financials -- rules it said stemmed from national security concerns.
Source Fool.com
