IQ's Blue Amber is on the shortlist for Best Film

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What happened

iQiyi (NASDAQ: IQ) had a good day on Friday. Shares of the Chinese online media giant and former Baidu (NASDAQ: BIDU) subsidiary were up 11.1% at 3:40 p.m. EDT. An iQiyi-produced movie was nominated for two prestigious awards at the Shanghai International Film Festival, which is a lot like an up-and-coming Western studio snagging some Oscar nods.

So what

An iQiyi production titled Blue Amber is on the shortlist for Best Film and Best Cinematography at this year's Shanghai festival under the banner of Asian New Talent Awards, which are aimed at promoting local content producers on a global stage. Two years ago, the same script won Shanghai's New Talent award for Best Film Investment Project, and now the same production is moving on to something more than scriptwriting consideration.