According to the website of the United States Securities and Exchange Commission (SEC), the body has added 88 Chinese stocks, including e-commerce platforms JD.com and Pinduoduo and electric transport company Niu Technologies, to the “pre-delisting” list on Wednesday, bringing the total number of China Concepts Stocks on the list to 105.
Regarding the matter, Niu Technologies responded that “the company is actively seeking possible solutions to protect the interests of its stakeholders. The company will continue to abide by the applicable laws and regulations of China and the U.S. and strive to maintain its listing status on Nasdaq.”
Niu Technologies added that it has been informed that the SEC’s move was conducted according to the Holding Foreign Companies Accountable Act (HFCAA) on May 4. According to the HFCAA and its implementation rules, the SEC believes that the working papers used by the company cannot complete the audit of its financial statements for the year ended December 31, 2021 by certified public accounting firms inspected or investigated by the U.S. Public Company Accounting Oversight Board (PCAOB).
Founded in 2014, Niu Technologies has launched various series of electric bicycles, electric motorcycles and related products under the NIU POWER label, as well as professional outdoor sports bicycles NIU AERO, electric moped BQi, electric scooter KQi and other products. The company was listed on the Nasdaq in October of 2018.
Since its establishment, Niu Technologies has maintained high-speed growth. By Q4 of 2021, it had sold more than 2.7 million two-wheeled electric vehicles worldwide, with 3,108 offline stores and directly operated stores in China, covering 239 cities.
In addition, the brand has entered 50 countries, and has provided SaaS-based intelligent sharing business solutions based on two-wheeled electric vehicles for many electric bike-shaing operators around the world.