Online Video Site iQiyi Files for New York IPO
Baidu.com Inc. confirmed that its iQiyi online video unit has filed for a potential New York listing, as the search leader’s own operations posted solid quarterly revenue growth that marked the completion of its rebound from an earlier scandal.
Media reports last month said that iQiyi, one of China’s leading online video sites, had made confidential filings for an IPO to raise up to $1 billion in the U.S., though the company didn’t comment at that time. Baidu, the video operator’s controlling shareholder, broke that silence on Tuesday, confirming that iQiyi had submitted a draft registration for a potential New York listing to the U.S. Securities and Exchange Commission (SEC).
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