BEIJING (dpa-AFX) - Baidu, Inc. (BIDU) said it is aware that the company has been identified by the SEC under the HFCAA, or Holding Foreign Companies Accountable Act., on March 30, 2022. This indicates that the SEC has determined that the company used an auditor whose working paper cannot be inspected or investigated completely by the PCAOB, to issue the audit opinion for financial statements for the fiscal year ended December 31, 2021.
Baidu said the company has been actively exploring possible solutions. Baidu stated that it will strive to maintain its listing status on both Nasdaq and the HKEx.
Baidu noted that a company will be delisted from a U.S. stock exchange only if the company has been identified by the SEC for three consecutive years due to PCAOB's inability to inspect auditor's working paper.
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