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Baidu, Inc. Message Board

  • prudentvoice prudentvoice Mar 1, 2008 11:20 PM Flag

    Who is Bidu's Transfer Agent? Auditor?

    Let's get to the bottom of this open question that has been circulating on this board for some time now.

    "Re: Warning: Securities FRAUD in BIDU"

    Does anybody know Baidu's Transfer Agent, their reputation, and what other companies they service?

    Also, the SEC link on Yahoo does not work, can someone tell me who is their auditor?

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    • Transfer Agent:
      Bank of New York Mellon Corp.
      101 Barclay St.
      New York, NY 10286

      Auditor (just for review of the "consolidated balance sheet" of Baidu Holdings Corp. -- the Cayman Islands company):
      Ernst & Young

      Unfortunately, it would be very possible that neither of these companies would be in a position to "see" the fraud.

      Read page 36 of BIDU's F-20 (for 2006):

      Note the statement under the heading "You may not be able to participate in rights offerings and may experience dilution of your holdings as a result.":

      "We are under no obligation to file a registration statement with respect to any such rights or underlying securities or to endeavor to cause such a registration statement to be declared effective."

      The transfer agent -- especially with a "foreign" stock, as BIDU is structured -- would only "see" and "count" the known issued and outstanding shares (ADSs) and could quite possibly be unaware of the issuance of additional foreign stock or "rights" to foreign stock (which could be used to back short sales of the ADSs).


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