Characterize the news's sentiment using the following options.
Options: negative, positive

Shares of multiple Chinese companies, including Alibaba Group Holding Ltd - ADR (NYSE: BABA), Nio Inc - ADR Class A (NYSE: NIO) and Baidu Inc (NASDAQ: BIDU), are trading lower following reports the SEC has identified multiple US-listed ADRs as having not adhered to the Holding Foreign Companies.
negative