From Bloomberg: "Alibaba Facing SEC Investigation Over Accounting Practices"
Some snippets:
Alibaba Group Holding Ltd. fell the most in four months after the e-commerce giant said it’s being investigated by the U.S. Securities and Exchange Commission over its accounting practices and whether they violate federal laws.
The regulator is looking at data reported from the company’s Singles’ Day promotion, Alibaba’s biggest shopping day, and how Alibaba consolidates results from affiliated companies, including logistics partner Cainiao Network, the Hangzhou, China-based company said in its annual report. Alibaba said it’s providing documents and cooperating with the probe, which is also examining related-party transactions.
Not a new issue, I blogged about this issue before.
Many brokers are reiterating that
"the auditor is PWC", but what they're missing (or conveniently
ignoring) that its not actually PWC who's auditing them, but a local Mainland
Chinese affiliate ...
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