Shares of China’s Baidu and Its Streaming Service iQiyi Fall on SEC Probe

Yu Gong, founder and CEO of China-based streaming service iQiyi, stands at the podium before ringing the Opening Bell at Nasdaq MarketSite in Times Square in celebration of its initial public offering (IPO) in New York on March 29, 2018. Spencer Platt/Getty Images

Shares of Chinese search engine giant Baidu slid on Aug. 14 after its streaming service iQiyi said it’s being probed by the U.S. Securities and Exchange Commission (SEC).

Meanwhile, Baidu said second-quarter revenue fell 1 percent to 26.0 billion yuan ($3.8 billion) from the same period a year earlier but was better than an average analyst estimate of 25.7 billion yuan.