iQIYI (IQ) IPO Opens Up Fractionally Higher

Today's IPO for iQIYI Inc. (NASDAQ: IQ) opened for trading at $18.20 after pricing 125,000,000 American Depositary Shares ("ADSs"), each representing seven Class A Ordinary Shares of the Company, at a price of US$18.00 per ADS for a total offering size of US$2.25 billion.

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 18,750,000 ADSs.

Goldman Sachs (Asia) L.L.C., Credit Suisse (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint bookrunners for the offering. The co-managers of the offering are China Renaissance Securities (Hong Kong) Limited, Citigroup Global Markets Inc., and UBS Securities LLC.

iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce etc.

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