iQiyi’s under US regulator investigation for financial fraud
Posted On August 14, 2020
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Another Nasdaq listed Chinese company is under financial scrutiny following the fraud admission by the brewing chain Luckin in April. The video streaming platform iQiyi is the target – it was accused by a short report retweeted by Muddy Water Research of a 27% revenue inflation in 2019, as well as user numbers fabrication by 42%. The escalating political tension and intensifying audit requirements by the US authorities have ‘scared’ many Chinese tech giants away from Nasdaq, seeking listings in Hong Kong or local boards.