Posted on 05/21/2020 8:45:21 AM PDT by SeekAndFind
The China-based search-engine company Baidu is considering delisting its American depositary receipts (ticker: BIDU) from Nasdaq to focus trading in its shares to an exchange closer to its home market, according to a report from Reuters.
The development comes amid a growing debate in Washington about the trading and regulation of the shares of China-based companies on U.S. stock exchanges. The Senate this week passed a bill—the Holding Foreign Companies Accountable Act—that would require Chinese companies to prove they aren’t owned or controlled by a foreign government. The bill also would require those companies to submit an audit reviewable by the Public Company Accounting Oversight Board. The bill hasn’t yet been taken up in the House.
Nasdaq declined to comment.
China Daily reports today that Baidu CEO Robin Li says he is “not so worried” about the new U.S. legislation, and that the company is internally discussing potential relisting options, including Hong Kong.
“We do pay close attention to the U.S. government’s continuous tightening of the regulations on Chinese companies’ shares listed in the United States, and we are discussing internally what we can do,” Li said, according to China Daily. “The basic thing is that, for a good company, there are many choices of destinations for listing, not limited to the U.S.”
The Reuters story noted that Baidu is disappointed with the performance of its stock in Nasdaq trading, pointing out that the stock is off more than 60% since its May 2018 peak, while the Nasdaq Golden Dragon China Index, which includes U.S.-listed China companies, has fallen less than 10% over the same period.
(Excerpt) Read more at barrons.com ...
Reminds me of “Blazing Saddles” with the guy who puts the gun to his head and threatens to shoot himself.....
Baidu can be fun in a perverse way.
Run a search using Yahoo/Bing/Golag/Duck-Duck-Go using the words “Chinese Corruption” then run the same search in Baidu
I used to do this in class to show students how search engines can manipulate what you see.
Maybe there is something they don’t want seen.
Maybe that is why it is going down.
Hmm?
Am I being harsh?
A Chinese government-owned search engine, LOL.
What could go wrong?
[Baidu can be fun in a perverse way.
Run a search using Yahoo/Bing/Golag/Duck-Duck-Go using the words “Chinese Corruption” then run the same search in Baidu
I used to do this in class to show students how search engines can manipulate what you see.]
“IMO, Baidu would be an also-ran if Google weren’t banned in China.”
Absolutely!
My sneaky reason for having students look at it was to give them an idea of just how controlling governments that claim to be “For the people” can be.
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