Baidu Is Reportedly Planning a $1 Billion IPO of Its Video-Streaming Site
Baidu, China’s largest internet search company, plans an initial public offering of shares in its video-streaming site, iQiyi.com, the Wall Street Journal reported, citing people familiar with the matter.
Baidu is considering listing iQiyi in either Hong Kong or in the United States next year and could raise about $1 billion through the IPO, the Journal reported.
Baidu (BIDU) was not be immediately available to comment.
The Chinese company said in July that an offer it received in February from Robin Yanhong Li, head of Baidu, and Yu Gong, chief executive of the video streaming site, to buy its 80.5% stake had been withdrawn.
Baidu, known as China’s Google, bought the majority stake in the then loss-making iQiyi in 2012, in a push into the highly competitive Chinese digital media market.