Baidu's iQiyi Soars 25% as Tencent Plans a Stake, Giving It the Biggest Streaming Reach in China
Shares of Chinese streaming video champ iQiyi (NASDAQ: IQ) soared more than 20% on Tuesday on word that rival Tencent Holdings (OTC: TCEHY) is looking to buy a stake in the company -- its biggest competitor -- according to a report by Reuters. The size of the potential stake hadn't been determined.
iQiyi is majority controlled by Baidu (NASDAQ: BIDU), which controls more than half of its shares and nearly 93% of its voting power, so the streaming giant would have to approve any potential deal.
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Source Fool.com
