The Four Percent
China’s iQiyi Inc., a Netflix-like video-streaming company, said it was under investigation by the U.S. Securities and Exchange Commission, sending its shares plunging 12% in after-hours trading.
The admission comes amid heightened scrutiny of accounting at U.S.-listed Chinese companies, and four months after an investment-research firm Wolfpack Research queried iQiyi’s user numbers, sales, expenses and a sizable 2018 takeover.
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