Shares of iQIYI Inc., a Chinese video streaming platform, fell sharply in premarket trading on Friday as investors braced for details of China's highly anticipated fiscal stimulus plan expected over the weekend.

iQIYI's stock plunged as much as 6.25% in early deals, reflecting the broader selloff in Chinese stocks traded as American Depositary Receipts (ADRs) and exchange-traded funds (ETFs). The premarket decline came as investors awaited a key briefing from Chinese authorities about the details of the upcoming stimulus package, aimed at shoring up the world's second-largest economy.

While investors are expecting China to deploy as much as 2 trillion yuan ($283 billion) in fresh fiscal stimulus, concerns linger about whether the measures will meet market expectations. Analysts warn that a smaller-than-anticipated package or a lack of targeted measures to boost consumption could disappoint investors and trigger further volatility in Chinese stocks.