By Yifan Wang
Baidu Inc. shares fell in Hong Kong on Thursday after US regulators added the company to a growing list of US-listed Chinese stocks that could be forced off American exchanges.
The Chinese search-engine giant lost as much as 4.8% in morning trading. Baidu’s ADRs on Nasdaq fell 2.6% overnight.
The US Securities and Exchange Commission on Wednesday added Baidu and four other Chinese companies to a provisional list of foreign companies facing delisting if they don’t allow American regulators to review their audits for three consecutive years. Chinese laws currently forbid companies from doing so.
Wednesday’s additions brought the running list by the SEC to 11 Chinese companies flagged as at risk of delisting. Others on the list include social-media giant Weibo Corp. and KFC operator Yum China Holdings Inc.
Baidu shares were recently 4.1% lower at 140.20 Hong Kong dollars (US$17.91).
Write to Yifan Wang at [email protected]
Credit: www.marketwatch.com /