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