Why Shares of iQiyi Rocketed 39.8% in June
Shares of iQiyi (NASDAQ: IQ) rose 39.8% in June, according to data from S&P Global Market Intelligence. iQiyi had traditionally been labeled the "Netflix (NASDAQ: NFLX) of China," but the truth was actually more complicated. China has not one clear streaming leader, but three: iQiyi; Youku Tudou, owned by Alibaba Group Holding (NYSE: BABA); and Tencent Holdings (OTC: TCEHY) video.
In June, news agencies citing people familiar with the matter reported that one of those large rivals was circling iQiyi as a possible acquisition.
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Source Fool.com
