The Chinese government has refused to accept audits of Chinese companies listed in the U.S. under U.S. law, citing national security concerns.
On March 30, the U.S. Securities and Exchange Commission (SEC) added Baidu and other Chinese companies to its list of companies at risk of delisting under the Foreign Company Accountability Act. According to the accountability act, if a foreign company fails to submit its audit report to the Public Company Accounting Oversight Board (PCAOB) for review for three consecutive years, the company will be delisted from the U.S. stock exchange and Nasdaq.
It is reported that, before the accountability bill was introduced and implemented, companies from China listed in the United States, were not in the ranks of the U.S. regulatory authorities. Baidu, the Chinese technology giant company, as the earliest company being listed in the United States, was added in the delisting risk list by the SEC. Its stock plunged as much as 2.7%, according media reports.
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