Chinese video streamer iQiYi shoots for billion IPO: Bloomberg

Updated 2017-09-27 09:00:52

China's Netflix-style video streaming service iQiYi is reportedly planning an 8 billion US dollar initial public offerings (IPO) in the U.S. in 2018, reports Bloomberg.

iQiYi has yet to comment on the report.

Bloomberg is reporting iQiYi is in negotiations with investment banks.

Baidu, which currently holds a controlling stake in the video streaming company, would reportedly continue to hold a controlling stake.

The report notes the valuation of the IPO could change, given that discussions are at an early stage.

Since the possible IPO is still in its early stage, the final value may change.

Reports of an IPO for iQiYi first emerged last year, with one suggesting a smaller share offering in Hong Kong worth anywhere from 1 to 5 billion US dollars. Those reports were never confirmed.

IQiyi is the only Chinese video service that licenses shows from Netflix. It currently has more than 30 million paid subscribers.

However, it has been suggested the company is looking for an influx of new cash to try to upgrade its content to stay competitive with Tencent and Youku, which have been updating their respective video libraries.

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