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June 16, 2020, 6:49 a.m. EDT

IQIYI's stock soars on premarket-leading volume after report Tencent aims to buy a large stake

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By Tomi Kilgore

Shares of iQIYI Inc. /zigman2/quotes/203657421/composite IQ -2.43% rocketed 35% in very active trading Tuesday, after Reuters reported that Tencent Holdings Ltd. /zigman2/quotes/207908563/composite TCEHY -3.94% /zigman2/quotes/204605823/delayed HK:700 -0.98% was looking to become the largest shareholder in the China-based provider of video streaming services. Trading volume ballooned to 1.9 million shares, enough to make it the most actively traded stock ahead of the open. Tencent's U.S.-listed shares were still inactive in the premarket. Reuters reported, citing people familiar with the matter , that Tencent, a China-based social media and gaming giant, approached Baidu Inc. /zigman2/quotes/209050136/composite BIDU -1.22% , which owns 56% of iQIYI, about buying a stake in iQIYI, but had not yet determined the size of that stake. The report said it was not immediately clear if Tencent approached iQIYI for what the nature of any cooperation would entail. IQIYI's stock has rallied 9.0% over the past three months through Monday, while Tencent shares have run up 29.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has climbed 28.5%.

/zigman2/quotes/203657421/composite
US : U.S.: Nasdaq
$ 21.68
-0.54 -2.43%
Volume: 6.96M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$16.30 billion
Rev. per Employee
$440,305
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/zigman2/quotes/207908563/composite
US : U.S.: OTC
$ 65.32
-2.68 -3.94%
Volume: 4.24M
Aug. 13, 2020 3:59p
P/E Ratio
45.96
Dividend Yield
0.21%
Market Cap
$637.92 billion
Rev. per Employee
$1.05M
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 505.00
-5.00 -0.98%
Volume: 11.28M
Aug. 14, 2020 1:52p
P/E Ratio
42.19
Dividend Yield
0.24%
Market Cap
HK$4944.40 billion
Rev. per Employee
HK$8.27M
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/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 124.57
-1.54 -1.22%
Volume: 5.13M
Aug. 13, 2020 4:00p
P/E Ratio
123.89
Dividend Yield
N/A
Market Cap
$43.47 billion
Rev. per Employee
$365,691
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.43
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p
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