The Netflix-like video-streaming unit of Chinese search-engine giant Baidu Inc. closed 13.6% below its offering price in its market debut Thursday.
The decline came despite American depositary shares of iQiyi Inc. opening trading Thursday at $18.20, slightly higher than the $18 offering price. The Initial public offering, which sold 125 million shares and raised $2.25 billion, priced at the midpoint of its $17 to $19 marketed range.
...