Mar 30, 2018

iQiyi: 'China's Netflix' shares dip in US stock debut

Shares in Chinese video streaming service iQiyi - often called China's Netflix - had a rocky start in their US stock market listing. The stock opened at $18.20 on the Nasdaq, slightly ahead of the $18 listing price, but quickly fell back - closing down 14%. But iQiyi chief executive Gong Yu said he was not concerned about the "Short term volatility". iQiyi raised more than $2.2bn through the initial public offering - giving the streaming service a valuation of $12.7bn. Despite the initial stock price fall, Mr Gong was confident about the firm's future prospects. In April 2017, iQiyi signed a licensing agreement with Netflix to stream some of the US provider's original content including Stranger Things and Black Mirror. Last year, iQiyi posted a net loss of 3.7bn yuan compared with 3.1bn yuan in 2016, though revenue jumped by 55% to 17.4bn yuan.

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