Qihoo 360 Technology Co. (QIHU:US), which uses Deloitte as its auditor, said the impact will be limited. Qihoo has scheduled its earnings date for around the end of February to early March. The company will announce a final date about 10 days ahead. Its American depositary receipts plunged 3 percent in New York trading yesterday.
“The ruling will take months to be finalized and if the auditing firms appeal it could take years,” Wu Jing, a director of investor relations for Qihoo, said by phone today. “We are closely monitoring the situation.”
The SEC ruling will not affect 2013 annual reporting of U.S.-listed Chinese stocks because the accounting firms may appeal and the ruling may take a long time to implement, China International Capital Corp. analysts Haofei Chen and Wanting Yu wrote in a report dated today.