Dec 20, 2022
Zai Lab’s Statement Regarding the PCAOB’s Conclusion That It Has Complete Access to Inspect and Investigate Chinese Auditors
Zai Lab’s Statement Regarding the PCAOB’s Conclusion That It Has Complete Access to Inspect and Investigate Chinese Auditors
December 15, 2022 - Zai Lab welcomes the news that the U.S. PCAOB has secured complete access to inspect and investigate Chinese auditing firms (see PCAOB’s press release) given the importance of auditing agency cooperation at the international level. However, Zai Lab is not directly impacted by this news because it is, and continues to be, audited by KPMG LLP, a U.S. auditor. Zai Lab’s international business structure, including having its co-corporate headquarters in Cambridge, Massachusetts, allows it to be audited in the U.S. by KPMG. As a result, Zai Lab’s Nasdaq and Hong Kong stock exchange listings should continue without impact.