5 Cheap Chinese Stocks to Buy Now

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1. iQIYI, Inc. (NASDAQ: IQ)

Number of Hedge Fund Holders: 40
Share Price as of July 14th, 2021: $12.55

Topping the list of the 10 cheap Chinese stocks to buy now is iQIYI, Inc. (NASDAQ: IQ). The Beijing-based internet company offers various entertainment products and services like social media and e-commerce platforms, online games, animation, and live broadcasting. The company was founded in 2009 and was formerly known as Qiyi.com, Inc.

The company has a market cap of $10.4 billion. On May 19th, CLSA upgraded iQIYI, Inc. (NASDAQ: IQ) to an Outperform rating, with a price target of $16 per share. Meanwhile, iQIYI, Inc. (NASDAQ: IQ) was upgraded from Mixed to Positive by OTR Global on July 7th. The company’s first-quarter revenue grew 4% to $1.2 billion year over year. The internet company anticipates total net revenues of $1.10 billion to $1.17 billion for the second quarter. In the first quarter of 2021, iQIYI, Inc. (NASDAQ: IQ) had an EPS of -0.25, beating estimates by $0.11.

Out of the hedge funds being tracked by Insider Monkey, Beijing-based investment firm Hillhouse Capital Management is a leading shareholder in iQIYI, Inc. (NASDAQ: IQ), with more than 38 million shares worth more than $642 million. At the end of the first quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth $1.36 billion in iQIYI, Inc. (NASDAQ: IQ), up from 30 the preceding quarter worth $1.05 billion.

You can also take a peek at the 10 Best EV SPACs to Buy Now and 10 Best African Stocks to Invest In.

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