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.
