US Stock Market Move | iQIYI, Inc. Sponsored ADR Class A(IQ.US) surged more than 14%, planning to repurchase up to $100 million worth of shares.

On Monday, iQIYI, Inc. Sponsored ADR Class A (IQ.US) surged more than 14% to $1.37. On the news front, on March 30th, iQIYI, Inc. Sponsored ADR Class A announced a share buyback plan, in which the company will repurchase up to $100 million worth of shares (including in the form of American depositary shares) over the next 18 months. The share repurchase plan is effective immediately upon approval, aiming to demonstrate the company's confidence in its long-term business prospects and create value for shareholders. iQIYI, Inc. Sponsored ADR Class A also announced that it has confidentially submitted an application to the Hong Kong Stock Exchange to list and trade its Class A ordinary shares. The proposed listing is intended to strengthen iQIYI, Inc. Sponsored ADR Class A's financing channels in the Hong Kong capital market, broaden its investor base by increasing exposure to Asian institutional investors and retail investors, and enhance the company's international image.