Baidu is considering delisting from the Nasdaq amid tensions between U.S. and China: report

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Baidu Inc. BIDU, 0.41% is considering delisting from the Nasdaq exchange as it deems its stock to be undervalued, according to a Reuters report Thursday. The story says that the Chinese internet company is contemplating “moving to an exchange closer to home” in an attempt to “boost its valuation amid rising tension between the United States and China over investments.” The Senate recently passed a bill that could bar some Chinese companies from listing their shares in the U.S. and that aimed to apply stricter auditing rules to Chinese companies. Baidu has had early-stage discussions with advisors about its options, according to Reuters, which cited multiple anonymous sources. A Baidu spokesperson said that the report was a rumor and that the company “has no comment on market rumors.” The company’s U.S.-listed shares have declined 17.2% over the past three months as the KraneShares CSI China Internet ETF KWEB, -2.26% has increased 0.1% and as the S&P 500 SPX, -0.55% has dropped 11.9%.

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