What happened

Chinese tech stock iQiyi (IQ -2.94%) was a rocket on Wednesday. The shares were zooming nearly 11% higher in mid-afternoon trading on the back of news regarding a new piece of hardware.

So what

After U.S. market hours on Tuesday, iQiyi unveiled its latest virtual reality (VR) headset, the QIYU 3, in a splashy, live-streamed event.

Person using a VR headset.

Image source: Getty Images.

The new device has a big set of bells and whistles to attract gamers and viewers wanting to push the technological envelope. Among other features, iQiyi is touting the set's iQUT feature cinema, which it says provides a 2,000-inch screen that matches the collective display of 20 80-inch TVs. 

More synergistically, QIYU 3 can run cutting-edge video standards such as 4K, 3D, and 8K at 60 frames per second. The company says this gives the device "industry-leading picture quality" -- all the better to broadcast Chinese streaming video king iQiyi's ever-growing library of content.

Now what

iQiyi isn't wasting any time with the QIYU 3; in the press release touting its launch, the company said it will be available starting this Friday, Sept. 3 on Chinese e-commerce sites Tmall.com and JD.com. It did not specify a suggested retail price. Early purchasers of the device will receive 30 premium video games for free, iQiyi said, although it did not provide any details. 

We can expect many more VR products and content from the company. In the press release, iQiyi also said it intends to "further invest in content, platforms, and hardware as it cements its position as an industry leader that delivers premium multi-sensory experiences to users."