Baidu-backed iQiyi seeks US$300m Hong Kong listing: report

Baidu-backed (9888) Chinese video streaming platform IQiyi is reportedly seeking to raise US$300 million (HK$2.34 billion) in a Hong Kong listing this year, as more US-listed Chinese firm aims to tap investors closer to home.

According to Bloomberg, the Netflix-style streaming service has begun discussions with global banks about a second listing in the city.

IQiyi went public in New York in 2018.

In the first quarter, the platform recorded a net profit of 182 million yuan (HK$198.87 million), down 72 percent from the same period last year.

STAFF REPORTER