The Netflix of China is surging after wining the broadcast rights for all 4 golf majors
- iQiyi has won the rights to all four major golf tournaments.
- Shares are up 5% on Monday.
- Watch iQiyi trade in real time here.
iQiyi is up 5% Monday after announcing it has obtained the rights to all four golf majors, making it the biggest source for professional-golf live streaming in China, according to a press release.
"We are delighted to welcome the US Open to iQIYI Sports' rapidly growing universe of international sports coverage," Geng Danhao, senior vice president of iQIYI said in the press release.
And the Chinese market for sports streaming may be becoming increasingly significant. "International sports organizations are coming to realize the importance of the Chinese market, and with such a high percentage of sport watched online, iQIYI is the ideal platform to connect with a mass Chinese audience," Danhao said.
iQiyi's six-day winning streak, during which shares gained about 30%, was snapped Friday. Shares have been gaining steam since the company's first-quarter earnings report topped estimates when the company showed a loss of 1.14 Chinese yuan per share, beating the Wall Street consensus for a much larger loss of 11.46 Chinese yuan per share. Sales came in at 4.9 billion Chinese yuan, beating 4.7 billion yuan estimate.
iQiyi is up 174.235 this year.
