China’s Netflix iQIYI Files IPO in the US with Baidu as Top Shareholder

Baidu released their Q4 2017 and full year 2017 financial reports today. According to the reports, iQIYI had applied for listing to the U.S. Securities and Exchange Commission, and Baidu will remain iQIYI‘s top shareholder post-listing.

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iQIYI Website

iQIYI is China’s popular online video platform, and provides numerous high-quality videos including films, television drama, anime, and variety shows. In 2017, it produced a hit variety show called The Rap of China, which stirred a hip-hop craze in China.

Foreign media quoted sources saying that the iQIYI may complete its IPO by the end of Q1 or early Q2, and will raise up to $1 billion with valuation exceeding $8 billion.

According to iResearch, 76 million people accessed iQIYI with desktop devices and 158 million with mobile devices in December 2017. The average monthly online time was as high as 408 billion minutes, an increase of 22 percent year-over-year.

Formerly known as Qiyi, iQIYI was established on April 22, 2010. In 2011, Baidu spent $45 million subscribing iQIYI B-round preferred shares. On November 3, 2012, Baidu acquired stock from iQIYI’s then-second largest shareholder Providence Holdings to became their single largest shareholder.

This article originally appeared in Sina Tech and was translated by Pandaily.