Chinese video streaming platform iQIYI is preparing a secondary listing in Hong Kong, aiming to raise between $200 million and $300 million, according to sources familiar with the matter. The company has engaged Bank of America, CICC, and JPMorgan as advisors, with the filing expected in the third quarter and the listing likely before the 2026 Lunar New Year.
Currently listed on the Nasdaq, iQIYI is majority-owned by Baidu and holds the position of China’s second-largest video streaming platform, behind Tencent Video. The Hong Kong listing would provide the Beijing-based company with an alternative fundraising route while navigating the growing risk of U.S. market restrictions on Chinese firms.
Why Hong Kong?
In recent years, Hong Kong has overtaken New York in terms of listing volumes, fueled by Chinese companies seeking a hedge against possible forced delistings in the U.S. The backdrop includes heightened U.S.-China trade tensions and political pressure, with some U.S. lawmakers pushing for the removal of Chinese firms deemed to have links to military or national security concerns.
Market Context
iQIYI’s market value currently stands at around $2.2 billion, though it has faced significant challenges. Shares surged more than 20% earlier this week after Chinese regulators announced new measures to support quality content creation. However, the stock is still trading 30% lower than a year ago, following a steep 60% decline last year driven by shrinking revenues, foreign exchange pressures, and difficulties in subscriber retention and advertising.
According to analyst estimates, iQIYI’s revenue for the quarter ending June 30 is expected to fall 11.2% to 6.6 billion yuan.
Strategic Outlook
For iQIYI, the planned Hong Kong listing is more than just a capital-raising exercise. It represents a strategic shift to diversify financial access, stabilize investor sentiment, and position itself closer to its core Chinese audience and regulatory environment. The move could help the platform shore up resources in a fiercely competitive streaming market, where Tencent Video and other rivals continue to put pressure on market share.
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