iQiyi, China’s second largest generalist subscription video platform, weighed in with net losses of RMB1.40 billion ($216 million) in the second quarter of 2021, compared with losses of RMB1.44 bil…
, China’s second largest generalist subscription video platform, weighed in with net losses of RMB1.40 billion in the second quarter of 2021, compared with losses of RMB1.44 billion in the April to June period in 2020.
The company congratulated itself on achieving subscription growth in a normally quiet quarter, helped by the appeal of its original drama series, and on delivering a fifth successive quarter in which losses were reduced on a year-on-year basis. More worrying is the increasingly hostile regulatory environment for China’s tech companies. As it has become clear that mainland Chinese authorities are prepared to clip the wings even of the country’s brightest private-sector companies, valuations of tech firms have come under pressure. It has also indicated its displeasure with those companies that have shares listed on foreign stock exchanges.
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