SEC begins investigation into accounting at Alibaba
Print Edition
CHINESE online giant Alibaba said yesterday that the United States stock market regulator is investigating its accounting practices.
The Securities and Exchange Commission has opened a probe “into whether there have been any violations of the federal securities laws,” Alibaba said in a statement.
Among other things, the SEC is seeking information into Alibaba’s accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China.
“We are voluntarily disclosing this SEC request for information and cooperating with the SEC and, through our legal counsel, have been providing the requested documents and information,” the statement said.
The request for information “should not be construed as an indication by the SEC or its staff that any violation of the federal securities laws has occurred,” it said.
Alibaba last year said it had received a request from both US and Chinese regulators on whether it allowed sales of counterfeit merchandise on its platforms.
The company went public in 2014 with a record US$25 billion flotation in New York.
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