Analysis of the Impact of iQIYI's CFO Change on Investor Confidence and Corporate Financial Strategy

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On January 20, 2026, iQIYI (NASDAQ:IQ) announced that Chief Financial Officer Wang Jun resigned for personal reasons, effective immediately. Ms. Zeng Ying, Senior Vice President of Finance, was appointed as interim CFO. Wang Jun will continue to serve as a consultant to the company until May 31, 2026 to ensure a smooth transition, and the company has simultaneously launched the selection process for a new CFO [0][1].

iQIYI is still in a loss-making state, and the latest financial data shows the following key characteristics [0]:

• Current Ratio
  : 0.44 (far below the healthy threshold of 1.0), indicating significant short-term debt repayment pressure on the company [0]
• Free Cash Flow
  : The latest annual report shows FCF is $1.937 billion [0]
• Debt Risk Rating
  : High Risk (high_risk) [0]

The company’s profitability shows volatile characteristics, and it failed to maintain the profitability momentum of Q4 2024 throughout 2025 [0].

Following the announcement of the CFO change, iQIYI’s stock price fell significantly [0][2]:

• MACD Indicator
  : Bearish crossover pattern, bearish signal [0]
• KDJ Indicator
  : K value 20.4, D value 39.0, indicating downward pressure [0]
• RSI Indicator
  : Entered oversold territory, potential technical rebound opportunity [0]
• Price Range
  : Currently consolidating in the range of $1.85-$1.98 [0]

1. Internal Promotion Mechanism
   : Interim CFO Zeng Ying is an internal promotion who has deeply participated in the company’s IPO and multiple financings, and is familiar with the business [1][2]
2. Transition Arrangement
   : Wang Jun will remain as a consultant until May 2026 to ensure the continuity of financial information
3. Analyst Consensus
   : The current consensus rating is “Buy” (50% of analysts recommend buying) [0]
4. Target Price Upside
   : The consensus target price is $2.10, representing a 10.8% upside from the current price [0]

1. Uncertainty from Executive Turnover
   : The CFO’s resignation may trigger market concerns about the stability of the company’s financial strategy
2. Tight Liquidity
   : The current ratio is only 0.44, and the company’s financial health is already under scrutiny
3. Sustained Losses
   : The company has not yet achieved stable profitability, and investors have doubts about its business model
4. Liquidity Discount
   : Short-term short interest ratio reaches 11.80%, indicating that some investors are adopting a wait-and-see attitude [2]

• Zeng Ying joined iQIYI in 2017 and has served as Senior Vice President of Finance since 2022, with in-depth knowledge of the company’s financial system [1]
• Zeng Ying has participated in budget control and financial analysis at Baidu, and has experience as a financial manager at eLong, with rich financial experience [1]
• Wang Jun can ensure the smooth transition of key financial decisions during his tenure as a consultant

• Potential delays in strategic decision-making during the selection of a new CFO
• External candidates may bring adjustments to financial strategies after joining
• Investors need to pay attention to the upcoming Q4 earnings report to be released on February 17, 2026 [0]

1. Capital Structure Optimization
   : CEO Gong Yu recognized Wang Jun’s contribution to “significantly strengthening the capital structure”, and it is expected to continue to advance [2]
2. Cost Control and Efficiency Improvement
   : Against the background of slowing revenue growth, refined financial management will remain important
3. Content Investment Strategy
   : The company’s recently released blockbuster content such as The Unseen Qin Empire shows that content investment remains a strategic priority [2]

• Differences in financial philosophy between the new CFO and the predecessor
• Adjustments to investment pace under liquidity constraints
• Debt Refinancing Arrangements (high debt risk rating indicates this is a key issue)

1. Pay attention to the release of the Q4 earnings report on February 17, 2026, and evaluate the performance guidance
2. Monitor the progress of the new CFO selection and potential signals of strategic adjustments
3. Technically, if the stock price breaks below the $1.85 support level, it may trigger further decline

1. Consider entering the market only after the formal appointment of the CFO and market sentiment stabilizes
2. The current RSI indicates oversold conditions, so a small position can be established but strict stop-loss is required
3. Focus on when the company achieves sustained profitability to validate its business model

1. Appointment Time of New CFO
   : Affects expectations of strategic continuity
2. Q4 Earnings Performance
   : February 17, 2026, EPS expectation of $0.03 [0]
3. Improvement in Current Ratio
   : Reflects the evolution of debt risk
4. Return on Content Investment
   : Implementation effect of strategies such as iQIYI’s expansion in the Korean market [2]

iQIYI’s CFO change has had a certain negative impact on investor confidence in the short term, and the corresponding stock price decline reflects market concerns about management stability. However, considering the following factors, the market reaction may be excessive:

1. Internal Succession Arrangement
   : Zeng Ying’s internal promotion reduces the risk of strategic disruption
2. Transition Guarantee
   : Wang Jun’s consultant arrangement provides a smooth transition period of approximately 4 months
3. Fundamental Support
   : The company’s competitive position in China’s online video sector remains solid

In the mid-to-long term, the financial philosophy and strategic orientation of the new CFO will determine the evolution direction of the company’s financial strategy. Given that the company is still in a loss-making state and faces tight liquidity, how the new management balances growth investment and financial prudence will be a key observation point.

[0] Jinling AI Financial Database - iQIYI Company Profile, Financial Analysis and Technical Indicators

[1] Sina Finance - “iQIYI CFO Wang Jun Resigns, Senior Vice President of Finance Zeng Ying Takes Interim Charge” (https://finance.sina.com.cn/tech/csj/2026-01-20/doc-inhhyskm5850105.shtml)

[2] Benzinga - “iQIYI Announces Change in Executive Leadership” (https://www.benzinga.com/pressreleases/26/01/g49997509/iqiyi-announces-change-in-executive-leadership)