Baidu BIDU shares were trading lower Thursday after it emerged the company is considering leaving Nasdaq in order to boost its valuation, Reuters reported, citing three sources.
The discussions are at an early stage and are subject to change, the newswire said. The Chinese company is considering delisting and moving to an exchange closer to home to boost its valuation amid rising tension between the U.S. and China.
On Wednesday, U.S. Sen. John Kennedy submitted the Holding Foreign Companies Accountable Act — a bill which requires Chinese companies to establish that they are not owned or controlled by a foreign government.
The stock was down 0.38% at $108.11 at the time of publication in Thursday's premarket session. The stock has a 52-week high of $147.38 and a 52-week low of $82.
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