Baidu (BIDU) Becomes Largest Chinese Stock Added to SEC's HFCAA List

Baidu (NASDAQ: BIDU) shares saw intra-day weakness Wednesday after the Chinese-based search giant was added to the SEC's Holding Foreign Companies Accountable Act (HFCAA) list. This list highlighted foreign-listed companies that the Public Company Accounting Oversight Board could not properly inspect the accounting records.

In addition to Baidu, the SEC added Futu Holdings Limited (NASDAQ: FUTU), iQIYI (NASDAQ: IQ), CASI Pharma (NASDAQ: CASI), and Nocera, Inc. (OTC: NCRA) today.

These stocks join the likes of Weibo (NASDAQ: WB), BeiGene (NASDAQ: BGNE), Yum China (NASDAQ: YUMC), Zai Lab (NASDAQ: ZLAB), ACM Research (NASDAQ: ACMR), and HUTCHMED (China) Limited (NASDAQ: HCM) on the list.

With the move today, Baidu becomes the most valuable company by market cap on the list at about $51 billion. Baidu has until April 20, 2022, to submit evidence disputing the SEC's identification.

Baidu's stock is trading 1.2% lower mid-day following the news.

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