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Baidu's iQiyi eyes U.S. listing, over $8 billion in valuation - Bloomberg

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Baidu's iQiyi eyes U.S. listing, over $8 billion in valuation - Bloomberg

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(Reuters) – Baidu Inc’s <BIDU.O> video streaming service, iQiyi, is looking for an initial public offering in the United States as early as next year, which could value it at more than $8 billion (£5.9 billion), Bloomberg reported. The Chinese firm is about to kick off negotiations with banks and deal arrangers and is aiming for a valuation of as much as $10 billion, Bloomberg reported, citing people familiar with the matter. https://bloom.bg/2wi1mLC IQiyi said in February it raised $1.53 billion in new funds to compete with rivals in the country’s hotly contested online entertainment sector. Baidu was not immediately available for comment.

(Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier)
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