iQiyi’s under US regulator investigation for financial fraud
Posted On August 14, 2020
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.