The SEC launched its probe due to allegations that Iqiyi, sometimes called China’s Netflix, inflated its revenue and number of users. The Beijing-based firm, which is listed on the Nasdaq, dropped 18 per cent on the news. (South China Morning Post)
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The SEC launched its probe due to allegations that Iqiyi, sometimes called China’s Netflix, inflated its revenue and number of users. The Beijing-based firm, which is listed on the Nasdaq, dropped 18 per cent on the news. (South China Morning Post)
Talking point: Regulatory difficulties aren’t the only problem for Iqiyi. The firm is predicting its net revenue will remain flat or drop by as much as six per cent in the third quarter. The SEC’s investigation comes as the U.S. is stepping up probes on Chinese firms listed on U.S. exchanges. It investigated Luckin Coffee, a rival to Starbucks, for fabricated sales figures. The company was removed from the Nasdaq in June. A number of Chinese firms are looking to list closer to home as the scrutiny increases. In July, Ant Group announced it would seek a dual listing in Hong Kong and Shanghai, bypassing New York. Iqiyi is also looking into listing in Hong Kong.
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