Benzinga | Dec 16, 2020 04:03PM EST

Why Iqiyi's Stock Is Trading Lower Today

Iqiyi Inc (NASDAQ:IQ) shares are trading lower on Wednesday after the company announced a proposed offering of 40 million ADSs.

Iqiyi has been dubbed by some as being the "Netflix" of China. China Unicom is a Chinese state-owned telecom operator and the world's fourth-largest mobile service provider by subscriber base. It is primarily engaged in providing a variety of services encompassing internet video, live broadcasting, online games, online literature, animations, e-commerce and social media platform.

Iqiyi shares were trading down 17.68% at $18.36. The stock has a 52-week high of $28.03 and a 52-week low of $14.51.