Chinese streaming company iQiyi prices IPO at $18 per share: source
The Netflix-like, video-streaming unit of Chinese search-engine giant Baidu Inc. priced its US initial public offering Thursday, setting the company up to raise $2.25 billion.
Chinese search engine giant Baidu Inc.
It's the largest initial public offering of a China company on USA markets since the debut of Alibaba (BABA) in 2014.
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IQiyi Inc. said Thursday that its IPO of 125 million American depositary shares priced at $18 a share. Shares for the largely unprofitable company were down 3%, near 17.35 during midday trading on the stock market today. At $18, proceeds will total $2.25 billion. Unlike Netflix, which makes the vast majority of revenues from subscriptions, 37.6 percent of iQiyi's revenues in 2017 came frommembership service fees. iQiyi's major competitors include Youku.com, Tudou.com, and PPTV. "We'll invest more in original content creation and also apply advanced technologies including big data and artificial intelligence to improve our platform", Wang Xiaohui, iQiyi's Chief Content Officer, told Xinhua on Thursday. Baidu now holds roughly 70 percent of iQiyi's shares.
Launched on April 22, 2010, as Qiyi, the company received investment funds from Baidu and Providence Equity Partners.
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