IQiyi is seeking to raise US$300 million for a listing in Hong Kong this year, potentially becoming the latest US-listed Chinese firm to tap investors closer to home.
The Netflix-style streaming service, owned by Baidu, has begun discussions with global banks about a second listing in the city, people familiar with the matter said, asking to remain anonymous while discussing a private deal. IQiyi’s US stock rose as much as 6 per cent but pared gains to close little changed in New York.
IQiyi, which hosts a plethora of content from Chinese period dramas to blockbuster Hollywood films, joins the likes of Contemporary Amperex Technology (CATL) in exploring a second listing in Hong Kong. The company vies with Tencent Holdings and Alibaba Group Holding to rank among the biggest video-streaming platforms in China, with an estimated 400 million-plus monthly active users.
Negotiations around a listing are fluid and iQiyi may still reconsider. A company spokesperson did not provide a comment when reached by Bloomberg News.
If it goes ahead, the Chinese firm will join a wave of listings that have fuelled Hong Kong’s revival this year. They helped the city reclaim its standing as the world’s second-largest market for share sales for the first time since 2012, reversing a years-long slump following the Covid-19 pandemic. Loosening regulations helped.
Chinese companies have propelled that trend – mostly, like CATL, mainland-listed firms.
