IQiyi Raises $500 Million From Private Placement to PAG

(DealStreetAsia) — IQiyi Inc., a Nasdaq-listed Chinese video streaming platform, announced on Tuesday the closing of a private placement of $500 million to Asia-focused alternative investment firm PAG.

PAG, which has over $50 billion in assets under management, completed the $500-million transaction in iQiyi’s secured convertible senior notes through affiliate PAGAC IV-1 (Cayman) Limited, iQiyi said in a statement.