Millennials are snapping up the 'Netflix of China' - and the stock has doubled in less than 3 months
- Chinese Netflix-competitor iQiyi has more than doubled its stock price since going public in the US in March.
- The stock is wildly popular with millennial investors on the stock trading app Robinhood.
- Follow IQ's stock price in real-time here.
Shares of iQiyi - the Baidu-owned video service widely seen as the Netflix of China - has more than doubled since its US initial public offering less than three months ago.
As its stock has skyrocketed from $18 at the IPO to $37 on Thursday, the streaming video service has become a darling for millennial investors on the stock trading app Robinhood, whose users skew markedly younger than that of traditional brokerages. The stock is now held by 31,302 Robinhood investors, the site's data shows, making it the 30th most held stock. It first appeared in the top 100 in late May.
Ten-year-old iQiyi began trading on the Nasdaq stock exchange in March after being spun off by the Chinese search giant Baidu. The offering raised $2.25 billion for the video service, which currently boasts 61 million subscribers. For comparison, Netflix has more than 100 million worldwide, but Chinese regulations have hindered its expansion in the country.
Its success in trading so far has led to optimism on Wall Street. Both Goldman Sachs and Credit Suisse have positive ratings for the stock.