Alibaba vows to fight to keep New York listing

Alibaba Group Holding Ltd has vowed to work to maintain its New York Stock Exchange listing alongside its Hong Kong listing.

U.S authorities had placed the Chinese e-commerce giant on a delisting watchlist on Friday.

The possibility of being delisted from New York sent Alibaba stock down 4.5% in a near-flat Hong Kong market in early trade.

Alibaba is part of more than 270 firms to be added to the U.S. Securities and Exchange Commission’s latest list of Chinese companies that might be delisted for not meeting auditing requirements.

The Holding Foreign Companies Accountable Act (HFCAA) it aims to remove foreign companies from U.S. exchanges if they fail to comply with American auditing standards for three consecutive years.

U.S. regulators have been demanding complete access to audit working papers of New York-listed Chinese companies, which are stored in China.

China bars foreign inspection of working papers from local accounting firms.

China has said both sides are committed to reaching a deal to solve the audit dispute.