BEIJING, March 31,
2022 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU
and HKEX: 9888) ("Baidu" or the "Company"), a leading AI company
with strong Internet foundation, today provides an update on its
status under the Holding Foreign Companies Accountable Act (the
Baidu is aware that the Company has been identified by the SEC
under the HFCAA on March 30, 2022.
The Company understands such identification may result from its
filing of the annual report on Form 20-F for the fiscal year ended
December 31, 2021.
Baidu understands the SEC made such identification pursuant to
the HFCAA and its implementation rules issued thereunder, and this
indicates that the SEC determines that the Company used an auditor
whose working paper cannot be inspected or investigated completely
by the PCAOB, to issue the audit opinion for its financial
statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, a company will be delisted from a
U.S. stock exchange only if the company has been identified by the
SEC for three consecutive years due to PCAOB's inability to inspect
auditor's working paper.
Baidu has been actively exploring possible solutions. Baidu
will continue to comply with applicable laws and regulations in
both China and the United States, and strive to maintain its
listing status on both Nasdaq and the HKEx.
Founded in 2000, Baidu's mission is to make the complicated
world simpler through technology. Baidu is a leading AI company
with strong Internet foundation, trading on NASDAQ under "BIDU" and
HKEX under "9888". One Baidu ADS represents eight Class A ordinary
SOURCE Baidu, Inc.