Friday, 30 March 2018

iQiyi : China's Netflix - made a rocky US stock market debut



Chinese video streaming service iQiyi - often called China's Netflix - made a rocky US stock market debut as it launched on the Nasdaq.

 
Shares opened slightly ahead of the $18 listing price, before quickly falling back and closing down 14%.


But iQiyi chief executive Gong Yu said he was not concerned about the "short term volatility".


The firm, controlled by Chinese internet giant Baidu, raised more than $2.2bn (£1.6bn) in the listing.


The initial public offering (IPO) gave the streaming service a valuation of about $12.7bn.
Despite the initial stock price fall, Mr Gong was confident about the firm's future prospects.


"Long term, you'll see how much value the IPO creates," he told the Reuters news agency.




BBC        News.