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BUSINESS & TECH

Video Site iQiyi Files for $1.5 Billion U.S. Listing

The prospectus showed that iQiyi reported a 3.7 billion yuan net loss ($587 million) last year, widening from a 3.1 billion yuan loss a year earlier. Revenue rose more than 50% to 17.4 billion yuan over that same period. Photo: IC
The prospectus showed that iQiyi reported a 3.7 billion yuan net loss ($587 million) last year, widening from a 3.1 billion yuan loss a year earlier. Revenue rose more than 50% to 17.4 billion yuan over that same period. Photo: IC

A leading Chinese online video site and a top hotel operator have filed to collectively raise up to $1.7 billion in separate New York IPOs, as the market heats up following a strong end to last year for offshore listings by private firms.

The larger of the two offerings will see iQiyi Inc., which is 70% owned by online search leader Baidu Inc., raise up to $1.5 billion, according to a prospectus filed on Tuesday in the U.S. The deal is being underwritten by six investment banks, including Goldman Sachs, Credit Suisse and BofA Merrill Lynch.

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