Technology giant Baidu on Wednesday became the latest high-profile Chinese company to be warned by the Securities and Exchange Commission (SEC) of potential delisting under the Holding Foreign Companies Accountable Act (HFCAA).
Baidu was added to the agency’s HFCAA watchlist, along with online video platform iQIYI; CASI Pharmaceuticals; engineering, procurement, and construction company Nocera; and online brokerage and wealth management platform Futu Holdings Limited. In total, the SEC has so far warned 11 Chinese companies of noncompliance with the law; the agency has previously estimated nearly 300 businesses might be designated based on a review of registrants in calendar year 2020.
