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iQIYI Explores Dual Listing In China: Bloomberg

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·1 min read
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  • Chinese streaming video site iQIYI Inc (NASDAQ: IQ) has chosen the banks for its dual listing in Hong Kong by 2021 end, Bloomberg reports.

  • The Baidu Inc (NASDAQ: BIDU) subsidiary could raise a minimum of $500 million. It raised about $2.4 billion in its 2018 U.S. IPO.

  • iQIYI is in discussions with advisers, including Bank of America Corp., CLSA Ltd., and Goldman Sachs Group Inc., on the share sale.

  • Chinese firms with U.S. listings have suffered massive declines from an ongoing regulatory crackdown, wiping billions of dollars off the market value of technology firms in particular.

  • The Beijing Municipal Radio and Television Bureau ordered iQIYI to suspend the taping of a hit youth-oriented show for unspecified problems in May.

  • iQIYI service led rivals Tencent Holdings Ltd (OTC: TCEHY) and Alibaba Group Holding Ltd's (NYSE: BABA) Youku with 579.1 million monthly active users in June.

  • Analyst rating: OTR Global lowered read on iQIYI's advertising business to Mixed from Positive.

  • The re-rating follows checks with contacts at digital marketing agencies in China that showed year-over-year ad spending growth on iQIYI slowed during Q3 more than sources had expected.

  • Price Action: IQ shares traded lower by 0.13% at $7.46 in the market session on the last check Wednesday.

Latest Ratings for IQ

Oct 2021

OTR Global

Downgrades

Positive

Mixed

Aug 2021

Keybanc

Maintains

Overweight

Jul 2021

OTR Global

Upgrades

Mixed

Positive

View More Analyst Ratings for IQ
View the Latest Analyst Ratings

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