Baidu, iQIYI Explore Options After US SEC Added Them To Provisional List Pending Audit Review

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.