Shares of iQiyi Inc. (NASDAQ: IQ) are soaring 5.03% in intraday trading, as investors react positively to news of the company's latest drama series success. The Chinese video streaming platform has seen a significant uptick in viewer engagement, boosting confidence in its content strategy.

According to Citi analysts, iQiyi's costume drama "Coroner's Diary" has emerged as a breakout hit. The series has consistently ranked as the No.1 drama since July 16 based on market share data from Enlightent. This success demonstrates iQiyi's ability to produce compelling content that resonates with its target audience, potentially driving subscriber growth and retention.

iQiyi, often referred to as the "Netflix of China," has been focusing on original content production to differentiate itself in the competitive Chinese streaming market. The success of shows like "Coroner's Diary" is crucial for the company's growth strategy, as hit series can attract new subscribers and keep existing ones engaged. This positive development may signal improved financial performance for iQiyi, leading to increased investor optimism reflected in today's stock price surge.