Why Baidu, Alibaba, and iQIYI Stocks Crashed Today – The Motley Fool

The SEC strikes again — and Chinese tech stocks strike out.

What happened

Chinese tech stocks are in the news again Thursday, and not in a good way.

As the South China Morning Post (SCMP) reports, the U.S. Securities and Exchange Commission (SEC) just added five more China-based-but-U.S.-listed companies to its list of stocks at risk of delisting over disclosure concerns. Shares of Alibaba Group Holding Limited ( BABA -6.67% ), Baidu ( BIDU -8.02% ), iQIYI ( IQ -9.92% ), and Futu Holdings ( FUTU -12.94% ) are all down significantly in response.

As of 10:30 a.m. ET, Alibaba stock is off 4.7%, Baidu 7%, and iQIYI 8.5%, and Futu Holdings is leading the sector lower with a 9.7% loss.

So what

For those not familiar, Alibaba is the e-commerce powerhouse of China, Baidu the country’s biggest search engine, iQIYI an internet streaming giant, and Futu an online stock broker (curiously enough!), so these are all pretty high-profile targets the SEC has picked for future enforcement actions.

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Read Full Story: https://www.fool.com/investing/2022/03/31/why-baidu-alibaba-and-iqiyi-stocks-crashed-today/

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source: https://news.oneseocompany.com/2022/03/31/why-baidu-alibaba-and-iqiyi-stocks-crashed-today-the-motley-fool_2022033117191.html

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