BEIJING, March 31, 2022 /PRNewswire/ -- iQIYI, Inc.
(Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, today announced that the Company is
aware of the fact that it was identified by the United States
Securities and Exchange Commission (the "SEC") under the Holding
Foreign Companies Accountable Act of the
United States (the "HFCAA") on March
30, 2022. Such identification may have resulted from the
Company's filing of the annual report on Form 20-F for the fiscal
year ended December 31, 2021.
The Company understands that the SEC made such identification
pursuant to the HFCAA and its implementation rules issued
thereunder. This indicates that the SEC has determined the Company
used an auditor, whose working paper cannot be inspected or
investigated completely by the Public Company Accounting Oversight
Board of the United States (the
"PCAOB"), to issue the audit opinion for the Company's financial
statements for the fiscal year ended December 31, 2021.
In accordance with the HFCAA, a company will be delisted from a
U.S. stock exchange if such company has been identified by the SEC
for three consecutive years due to PCAOB's inability to inspect the
auditor working paper related to such company.
iQIYI has been actively exploring possible solutions to best
protect the interest of its stakeholders. The Company will continue
to comply with applicable laws and regulations in both China and the U.S.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. iQIYI's platform features highly popular
original content, as well as a comprehensive library of other
professionally-produced content, professional user generated
content and user-generated content. The Company distinguishes
itself in the online entertainment industry by its leading
technology platform powered by advanced AI, big data analytics and
other core proprietary technologies. iQIYI attracts a massive user
base with tremendous user engagement, and has developed a
diversified monetization model including membership services,
online advertising services, content distribution, online games,
live broadcasting, IP licensing, talent agency, online literature,
etc.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. iQIYI
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including but not limited to statements about
iQIYI's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, further information regarding which is included in
the Company's filings with the Securities and Exchange Commission.
All information provided in this press release is as of the date of
the press release, and iQIYI undertakes no duty to update such
information, except as required under applicable law.
For further information, please contact:
Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com
View original
content:https://www.prnewswire.com/news-releases/iqiyi-provides-update-on-its-status-under-the-holding-foreign-companies-accountable-act-301514544.html
SOURCE iQIYI, Inc.