In the latest iQiyi (NASDAQ:IQ) news, the Beijing, China-based business won a big award in its home country, further cementing the value of its innovative technological presence in the Eastern world.

The online entertainment services provider was at the well-known industry event the Mobile World Congress (MWC) in Shanghai that began on June 26. The Central Radio and TV Station Shanghai General Station and the CCTV Financial Channel jointly granted the company the “Mobile Internet Innovation Pioneer Award.”

The iQiyi segment in question that won the award was the company’s “AI+VR Media Innovation Platform,” which impressed in a number of criteria, bringing home the “Content and Media Innovation Pioneer Award.” Liu Wenfeng, the business’ Chief Technology Officer and President of Infrastructure and Intelligent Content Distribution Business Group (IIG), was at the event.

“Video content streaming is one of the most important applications of 5G, which will further expand the scenarios of which video content can be displayed and applied to,” Wenfeng said. “By combing 5G with AI and VR, iQIYI will be able to provide users with more video content that is rich and innovative and tailored to a personalized and immersive viewing experience.”

The aforementioned iQiyi platform introduces AI technology and VR equipment developed for creative endeavors that range from content production to the distribution of content–with 2019 being the first year in which 5G is commercially available, the company’s cutting-edge technologies are set to make their mark moving forward.

IQ stock is up about 10% on Thursday following the company’s win.