The Netflix of China is getting hammered for a 3rd straight day
- iQiyi shares are losing ground for the third straight day.
- The Treasury Department is reportedly cracking down on Chinese investment in US tech, and many Chinese tech stocks are down.
- iQiyi likely saw some technical selling Thursday and Friday, after shares doubled over the past month.
- Watch iQiyi trade in real time here.
Qiyi is dropping for the third straight day, trading down 7.52%.
On Monday, the Wall Street Journal reported that the US Treasury Department is drawing up rules that would prevent firms with 25% or Chinese ownership from investing in US companies involved with "industrially significant technology." Treasury Secretary Steven Mnuchin tweeted the report was "fake news," saying the statement was not specific to China, but all countries who are tying to steal US technology.
iQiyi is a movie-streaming service in China. Baidu, which owns 18.71% of iQiyi is down 5%.
Friday, iQiyi tumbled into a bear market amid a lack of headlines. It is likely that the downward pressure was related to technical weakness after shares more than double in value over the past month..
iQiyi is down roughly 26% from its June 19 high, but still up 85.5% from its initial public offering price of $18 on March 28.