Gong Yu, founder and chief executive officer of iQiyi.com, holds up a commemorative plaque during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York. (Photographer: Victor J. Blue/Bloomberg)

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.

Chinese Video-Streaming Stock Trades Like Netflix, Only Better

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.

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