Two articles published recently highlight a new investing risk in Chinese companies :
InvestorPlace, Dec 16th: Be Warned About Soaring Baidu Stock (that's the headline).
Bloomberg, Dec 15th: Baidu Forced to Add Warnings as Regulators Focus on China Stocks (headline).
As I understand, the holding structure (in China) for half these companies, including QIHU, is such that, legally, foreign investors in Chinese shares/ADRs don't get direct ownership in the business, only the profits and losses.
To me, this sounds like a very big deal. The SEC and others are digging deeper.