A disheartening first day of trading for Chinese video-streaming company iQiyi, reports Caixin Global, after launching the largest IPO of a Chinese company in the US this year.
Share of iQiyi, often called ‘China’s Netflix’ ended the day 13.61% down at $15.55 from opening at $18.20.
The streaming website issued 125 million shares on the NASDAQ to raise $2.25 billion. The listing is the second ever largest of a Chinese company on a US stock exchange, after Alibaba’s raised $24 billion in New York in 2014.
It has not been a good week for Chinese companies listing in the US across the board. Fellow video-streaming site Bilibili Inc. and hotel franchisor GreenTree Hospitality Group both ended down on their U.S. debuts in the past few days.
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