IQiyi Ranks in 419 Place on Fortune China List
The Netflix of China, iQiyi, announced that it made the Fortune China 500 list, inching its stock up slightly on Wednesday afternoon.
China's popular entertainment platform, iQiyi Inc. (Nasdaq: IQ), announced on Wednesday that it made the Fortune China 500 list, inching its stock up 14 cents in the afternoon to $31.31 per American depositary share.
The company ranked in 419th place among giants like China Mobile Ltd. (ADR) (NYSE: CHL) and Alibaba Group Holding Ltd. (NYSE: BABA) on the China-focused affiliate list of the authoritative Global Fortune 500.
Fortune China ranks Chinese companies, which trade on both domestic and overseas markets, based on revenue. This year, the threshold of entry for the list was raised from 11.3 billion yuan to nearly 13.9 billion yuan, while a total of seven internet companies were listed, reaching total market value of 7 trillion yuan.
The revenue of iQiyi in 2017 reached 17.4 billion yuan, while its first-quarter revenue this year was 4.9 billion yuan. The company, dubbed "Netflix of China," debuted on Wall Street in March and is trading today 72 percent above its initial offering price.
Like Netflix in the U.S., much of the company's popularity stemmed from original content it has developed over the years. In 2017, iQiyi's original content accounted for five of the top 10 original internet variety shows and six of the top 10 original internet drama series in China, according to the iResearch Report.
"IQiyi is committed to bringing our audiences an even greater online entertainment experience," the founder and chief executive officer of the company, Gong Yu, said in a statement today.
"With our investment for the future in innovative technologies, particularly artificial intelligence, I am confident that we will continue to surpass the expectations of our users and secure our place as a world-leading technology-based entertainment giant," Yu said.
Since its founding in 2010, iQiyi, backed by Chinese search engine Baidu Inc. (Nasdaq: BIDU), has extended its businesses beyond its content streaming platform. Today, the company said that making the Fortune China list for the first time has marked a milestone for the company.