The Netflix of China is on a hot streak with millennial investors (IQ)
The Netflix of China is continuing to rise in popularity among millennial investors.
Data from the stock trading app Robinhood â whose usership skews markedly younger than traditional brokerages â show iQiyi is now the 42nd most popular stock. It's gained 32 spots in the app's popularity ranking since last week, surpassing Dropbox, GM, and other more well-known companies.
The surge, which was first reported by Business Insider last week, mirrors a similar rise in share prices of the company, up 81% in the past month.
Ten-year-old iQiyi went public in March after being spun off by the Chinese search giant Baidu in an initial public offering that raised $2.25 billion for the video service. It currently boasts 20 million subscribers. For comparison, Netflix has more than 100 million worldwide, but Chinese regulations have hindered its expansion in the country.
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IQiyi's post-IPO surge â a 90% gain in the roughly three months since â has led to several bullish analyst notes in recent weeks. Both Citic Securities, the investment-banking arm of the Chinese bank Citic Group, and First Shanghai upgraded shares to a "buy" rating. First Shanghai also raised its price target to $35 a share.