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iQiyi shares tumble amid SEC investigation

 Baidu shares are trading lower after hours Thursday after the China-based search engine and artificial-intelligence software company posted mixed June-quarter financial results. The stock is also likely being pressured by the disclosure that Baidu’s 56%-owned iQIYI video unit is being investigated by the U.S. Securities and Exchange Commission.

For the quarter, Baidu (ticker: BIDU) reported revenue of $3.69 billion, down about 1% from a year ago, and in line with the Wall Street analyst consensus at $3.7 billion. Non-GAAP profits were $2.08 a share, well ahead of the Street consensus at $1.38. Baidu said adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) was $993 million.

In a statement late on Thursday, iQiyi said it was co-operating with the probe by the US Securities and Exchange Commission, which made a request for documents from the company following allegations by a short-seller. The company said it had also engaged advisers to conduct an internal review of allegations made in the April report by Wolfpack Research, which alleged iQiyi inflated its revenue and user numbers. By the way, you can buy cheap iQiyi VIP Accounts from, where you can enjoy a 3% discount by using the code “Z2U”.

The disclosure of the SEC investigation could raise new concerns about Chinese companies listed in New York. Luckin Coffee, once billed as China’s answer to Starbucks, was this year delisted from the Nasdaq after it admitted to fabricating hundreds of millions of dollars in sales.

The US-listed shares of iQiyi fell as much as 18 per cent in after-hours trading following the disclosure, before paring some of those losses. Shares in parent Baidu, the search company, fell more than 7 per cent. The online video platform contributed about 28 per cent of Baidu’s revenue in the second quarter.

IQIYI said that “shortly after the publication of the Wolfpack Report, the company engaged professional advisers to conduct an internal review into certain of the key allegations in the Wolfpack Report and to report their findings to the company’s Audit Committee.”
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