March 29, 2018 / 4:03 PM / 7 months ago

China's Netflix-like video platform iQiyi dips on Nasdaq debut

(Reuters) - Shares of Chinese streaming platform iQiyi Inc (IQ.O) fell below their initial public offering (IPO) price in the stock’s market debut on Thursday, even as the technology sector rebounded from a sharp sell-off ahead of the Good Friday holiday weekend.

Yu Gong, Founder and CEO of Chinese streaming platform iQiyi Inc., and Robin Li, CEO of Baidu, ring the opening bell at the Nasdaq Market Site to celebrate iQiyi Inc.'s initial public offering (IPO) in New York City, U.S., March 29, 2018. REUTERS/Brendan McDermid

The company, which is majority-owned by Chinese internet search firm Baidu Inc (BIDU.O), had opened at $18.20, slightly ahead of the $18 IPO price, but the stock quickly pared gains.

Slideshow (6 Images)

The IPO of the Netflix-like video platform priced on Wednesday in the middle of its $17-$19 per share estimate, generating proceeds of $2.25 billion.

Chief Executive Gong Yu shrugged off any concerns over fluctuations in the stock price.

“We are not concerned with short-term volatility,” Gong said in an interview at the Nasdaq. “Long term, you’ll see how much value the IPO creates.”

Major U.S. stock indexes rose more than 1 percent on Thursday ahead of the Good Friday holiday weekend that will mark the end of a turbulent quarter for Wall Street.

Reporting by Joshua Franklin and Sheila Dang in New York; Editing by Richard Chang

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