Chinese Video-Streaming Stock Trades Like Netflix, Only Better
(Bloomberg) -- Think Netflix Inc.'s 88 percent gain this year is impressive? Shares of Chinese rival iQiyi Inc. have matched that performance in less than three months.
American depositary receipts for iQiyi, a video-streaming service that was spun off from Baidu Inc. in March, rose as much as 11 percent to a record on Friday. The stock has now jumped 89 percent since its debut, adding more than $13 billion in market value along the way. Meanwhile, Netflix's year-to-date surge ranks No. 2 on the S&P 500 Index, trailing only Abiomed Inc., which was added to the benchmark last week.
iQiyi's return has more than tripled the average of other cross-border listings from China so far this year, according to data compiled by Bloomberg.
The company plans to enter the market for social and user-generated videos and wants to become a major player in one to three years, Chief Executive Officer Gong Yu said last month. The Beijing-based company's top shareholders include hedge funds Hillhouse Capital Management and Viking Global Investors.
--With assistance from Brandon Kochkodin and Drew Singer.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Arie Shapira
©2018 Bloomberg L.P.
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