'Chinese Netflix' iQIYI Plans Additional Listing on Hong Kong Stock Exchange

[Asia Economy Reporter Cho Hyun-ui] iQIYI, an online video service (OTT) known as the "Chinese Netflix," is planning a secondary listing on the Hong Kong Stock Exchange.

Bloomberg reported on the 6th (local time), citing sources, that "iQIYI, listed on the US Nasdaq, has selected investment banks (IBs) such as Bank of America (BoA), CLSA, and Goldman Sachs as advisors for its secondary listing on the Hong Kong Stock Exchange."

iQIYI plans to raise at least $500 million (approximately 589.3 billion KRW) through the secondary listing scheduled around the end of the year. However, this listing plan may be delayed or canceled.

As a subsidiary of the Chinese search company Baidu, iQIYI has grown significantly by importing Korean content such as "My Love from the Star," and it is highly likely that the funds raised from the secondary listing will be used to increase investments in Korean dramas and other content.

Chinese companies listed on the US stock market have been showing weak stock prices due to increased regulations by US securities authorities, leading to a trend of additional listings on the Hong Kong Stock Exchange, as seen with iQIYI.

Following JD.com and NetEase last year, this year Bilibili, Baidu, and Li Auto have also sought listings on the Hong Kong Stock Exchange.

This content was produced with the assistance of AI translation services.