Ctrip and Baidu Executives Join iQiyi's Board; Stock Soars 17%
The shares of iQiyi rose nearly 17 percent in trading after the company, dubbed "Netflix of China," said two additional members were appointed to its board.
One of the world's largest content streaming platforms, iQiyi Inc. (Nasdaq: IQ), announced two additional members joined its board today, Jane Jie Sun, from the travel booking company Ctrip, and Haifeng Wang, from the search engine Baidu.
Wall Street reacted enthusiastically to the news, sending the stock of the entertainment platform, dubbed the "Netflix of China," to soar nearly 17 percent to $40.51 per American depositary share.
Ctrip.com International Ltd. (Nasdaq: CTRP) is the largest online travel company in China and the second largest in the world. Sun has served as the company's chief executive officer since November 2016. Her previous roles at Ctrip included chief operating officer, chief financial officer, and co-president. She has also been named one of the most influential and outstanding businesswomen by Forbes China and one of Fortune's Top 50 Most Powerful Women in Business. At iQiyi, Sun will serve as an independent director and a member of the audit committee.
Wang is a senior vice president at Baidu Inc. (Nasdaq: BIDU), China's leading search engine and iQiyi's parent company. As of May 2018, he oversaw Baidu's Artificial Intelligence Group and headed Baidu Research overseeing Baidu's development in sectors, including machine learning, computer vision, speech technology, robotics, augmented reality, and maps.
"We'd like to warmly welcome Jane and Haifeng to our Board," iQiyi's founder, director and chief executive officer, Yu Gong, said in a statement. "Their extensive industry expertise and leadership experience will bring significant value to iQiyi as the Company continues on its path to become a technology-based entertainment giant."
IQiyi also said today that Qi Lu, chief operating officer of Baidu, has resigned from its compensation committee, to be succeeded by Herman Yu, a current director of iQiyi and the chief financial officer of Baidu.
The stock of iQiyi soared to $40.51 per share, up nearly 17 percent after the company announced new members to its board on Thursday.
(Source: Thomson Reuters Eikon)