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Baidu's iQiyi Drops in Debut After IPO Raising $2.3 Billion

  • CEO Yu says he’s not concerned about short-term share moves
  • Netflix-like service has 126 million users logging in daily
Bloomberg business news
iQiyhi CEO and founder Yu Gong speaks to Bloomberg Television.(Source: Bloomberg)
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Shares in iQiyi Inc., a Chinese Netflix-style video streaming service controlled by search giant Baidu Inc., fell slightly in their trading debut after the company raised $2.25 billion in a U.S. initial public offering.

The stock opened at $18.20 in New York on Thursday. Beijing-based iQiyi sold 125 million U.S. depositary shares at $18 apiece, pricing in the middle of the marketed range.