Search engine/cloud company Baidu Inc. could leave the Nasdaq, as US lawmakers press for tighter restrictions on listing requirements.
According to Reuters, Baidu CEO Robin Li told the state-controlled China Daily newspaper that there are 'many choices' for a good company to list and that they're 'not limited' to the U.S.
On Wednesday, Senate lawmakers said non-U.S. companies listed on domestic exchanges will be required to prove "they are not owned or controlled by a foreign government.” The Nasdaq indicated that it will tighten IPO rules for foreign companies.
Baidu shares were down -0.75% in early trading Thursday.