Yu Gong, Founder and CEO of Chinese streaming platform iQiyi Inc., and Robin Li, CEO of Baidu, ring the opening bell at the Nasdaq Market Site to celebrate iQiyi Inc.'s initial public offering (IPO) in New York City, U.S., March 29, 2018. (Photo: Reuters)
Shares in Chinese streaming platform iQiyi Inc opened at $18.20 in their market debut on Thursday, slightly ahead of the $18 initial public offering price.
The company, which is majority-owned by Chinese internet search firm Baidu Inc , then pared gains in early trading to trade around $17.20. The IPO of the Netflix-like video platform priced on Wednesday in the middle of its $17-$19 per share guidance, generating proceeds of $2.25 billion.