“We are really concerned that the US government is tightening its control over Chinese companies,” Li Yanhong, Chairman of Baidu Inc. and a member of the national Committee of the Chinese People’s Political Consultative Conference (CPPCC), said on Tuesday morning. “We are constantly discussing internally what we can do, including secondary listings in places like Hong Kong.”
“If a company is performing good, there will be a lot of listing options, not just in the US,” Li said. So we are less concerned that the U.S. government crackdown will have an irreversible impact on the company’s business.“
On the morning of May 19, Baidu issued a quarterly earnings report. Compared with the same period last year, the revenue in the first quarter was 22.5 billion yuan, down 7% year on year, while the net profit was 3.1 billion yuan, up 219% year on year. Baidu shares jumped 7.74% after the results were released.