Updates on SEC's practice of Holding Foreign Companies Accountable Act
On April 22, 2022, U.S. Securities and Exchange Commission (the “SEC”) added Futu Holdings Limited, and four other companies, to its conclusive list of issuers in accordance to the Holding Foreign Companies Accountable Act (HFCAA).
This was an expected procedural step of moving from “provisional” to “conclusive”. Under HFCAA, publicly listed companies in the US stock exchanges face the potential risk of being delisted, if they fail to fulfill the PCAOB requirements for three consecutive years.
Futu was added to this conclusive list for the first year. This has no impact on Futu's day-to-day business operations. Meanwhile, Futu has been actively exploring solutions and will continue staying compliant with relevant Chinese and US laws and regulations, to sustain its listing status on Nasdaq.
$Futu Holdings Ltd (FUTU.US)$
This was an expected procedural step of moving from “provisional” to “conclusive”. Under HFCAA, publicly listed companies in the US stock exchanges face the potential risk of being delisted, if they fail to fulfill the PCAOB requirements for three consecutive years.
Futu was added to this conclusive list for the first year. This has no impact on Futu's day-to-day business operations. Meanwhile, Futu has been actively exploring solutions and will continue staying compliant with relevant Chinese and US laws and regulations, to sustain its listing status on Nasdaq.
$Futu Holdings Ltd (FUTU.US)$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
The official account of FUTU
Futu is an advanced tech company transforming the investing experience by offering a fully digitized brokerage and wealth management platform.
8743Followers
96KVisitors
Follow
PlutoMoo102685100 : Does Futu operate in China?
Ggggggggggggggg : @FUTUit does impact our day to day profit and lost… please quickly close the case can?
Ggggggggggggggg : Cannot be wait until third year only can close right?
SANDRO 善子 : FUTU should move to Singapore for long term business planning
Cyinsect SANDRO 善子 : It does not business operations issue. It was share list in US issue. FUTU can delist in US and re-list at HK.
SANDRO 善子 Cyinsect : But Didi set a bad example
70922650 : So this is going to be delisted?
Cyinsect 70922650 : If the rules of the US exchange are not met after three years, then the delisting will be enforced. I'll be fine for at least three years.
luxcan : time for futu to consider sec listing at HK market but then need to check if futu meet HK listing requirements.
doctorpot1 SANDRO 善子 : DiDi problem is with the ongoing cyber security probe that cause issues with the HK listing. is a funny chicken and egg problem I think.
to list in HK must delist in US to ease the cyber sec probe. to delist in US, not easy cause investors would want them to list else where then delist, cause investor scare it will just delist and won't ever list in HK.
View more comments...