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Tim Culpan

IQiyi Investors Are China Content War Truce Believers

Profitability may be a way off for the content-streaming service.
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Photographer: Spencer Platt/Getty Images

Investors who bought into iQiyi Inc. during its initial public offering got a rude shock.

A 14 percent drop on day one made the Chinese content-streaming service the worst-performing technology debut on the Nasdaq Global Select Market in at least five years. (The list is otherwise dominated by healthcare and biotech firms.) Shareholders got some reprieve Monday when the stock rallied 1 percent.