- Baidu Inc BIDU explored options after the U.S. SEC added the Chinese search engine giant to a list of companies that faced delisting concerns, Reuters reports.
- Beijing refused to permit U.S. officials to review their auditors' work, Bloomberg reports.
- A 2020 U.S. law mandated a three-year clock for firms to comply with inspection requirements that cover every U.S. public company.
- Also Read: China Asks US-Listed Companies To Prepare For Audit Inspections: Will That Ease Delisting Fears For BABA And Others?
- The SEC also added Futu Holdings Ltd FUTU, Nocera Inc NCRA, iQIYI Inc IQ, and CASI Pharmaceuticals Inc CASI to its provisional list for possible delisting.
- Baidu and its streaming affiliate iQIYI admitted continued compliance with applicable laws and regulations in China and the U.S.
- Reuters reports that China's securities regulator acknowledged that both China and the U.S. looked to solve their audit disputes.
- The outcome depended on the progress and results of the audit and regulatory cooperation between the two countries.
- Price Action: BIDU shares traded lower by 3.29% at $139.10 in the premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.