Shulou(Shulou.com)11/24 Report--

On May 25, Beijing time, iqiyi, a video subsidiary of Baidu, is again studying a secondary listing in Hong Kong. At present, the company is expected to reverse years of losses this year.

It was reported as early as 2021 that iqiyi plans to list in Hong Kong as soon as the end of the year, raising at least $500m, and has hired CLSA, Bank of America and Goldman Sachs as underwriters.

Gong Yu, CEO of iqiyi, said in an interview that the company was eager to bring in new investors to fund more original programs and increase the use of artificial intelligence to attract audiences from competitors such as Tencent Video and Alibaba's Youku.

"profit is of course our primary goal, but that doesn't mean we will give up our market share," Gong said in an interview. "investors have not yet shown full confidence in Chinese technology stocks. nor do they realize their long-term growth value. they focus more on the short term."

As for the Hong Kong listing plan, Mr Gong said the company was working on "technical details" but did not elaborate on the timetable. He also said cost controls had helped the company turn things around and boost cash flow. Iqiyi has made a net loss of nearly $5 billion since 2018 and is expected to make his first annual profit in six years in 2023. He said that as China's post-epidemic economy stabilized, he believed iqiyi would achieve double-digit revenue growth this year, in line with analysts' expectations.

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