BEIJING, Jan. 17,
2023 /PRNewswire/
-- iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the
"Company"), a leading provider of online entertainment video
services in China, today announced
an underwritten public offering (the "Offering") of
76,500,000 American Depositary Shares, each representing seven
Class A ordinary shares, par value $0.00001 per share, of the Company (the
"ADSs"). The Company intends to grant the underwriters a 30-day option to
purchase up to an aggregate
of 11,475,000 additional ADSs. The Company plans to use the net proceeds
from the Offering for working capital purposes,
including serving its existing
debt obligations.
BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC act as the joint bookrunners for the Offering.
The Offering will be made pursuant to an effective shelf
registration statement on Form F-3 filed with the U.S. Securities
and Exchange Commission (the "SEC"), which is available on the
SEC's website at www.sec.gov. A preliminary prospectus supplement
and accompanying prospectus related to the Offering have been filed
with the SEC and will be available on the SEC's website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the
accompanying prospectus related to the Offering
may also be obtained by contacting BofA Securities, Inc. toll-free at 1-800-294-1322, Goldman
Sachs & Co. LLC toll-free
at 1-866-471-2526, or J.P. Morgan Securities LLC toll-free at 1-866-803-9204.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful. This
press release contains pending information about the Offering, and
there can be no assurance that the Offering will be completed.
About iQIYI, Inc.
iQIYI, Inc. is a leading provider of online entertainment video
services in China. It combines
creative talent with technology to foster an environment for
continuous innovation and the production of blockbuster content. It
produces, aggregates and distributes a wide variety of
professionally produced content, as well as a broad spectrum of
other video content in a variety of formats. 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
daily subscriber base of more than 100 million, and its
diversified monetization model includes
membership services, online advertising services, content distribution,
online games, IP licensing, talent agency, online literature, etc.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the description of the proposed Offering in this
announcement contains forward-looking statements. iQIYI may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about iQIYI's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the
following: iQIYI's strategies; iQIYI's future business
development, financial condition and results of
operations; iQIYI's ability to retain and increase the number
of users, members and advertising customers, and expand its service
offerings; competition in the online entertainment industry;
changes in iQIYI's revenues, costs or expenditures; Chinese
governmental policies and regulations relating to the online
entertainment industry, general economic and business conditions
globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company's filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release,
and iQIYI undertakes no duty to update such information, except as required
under applicable law.
For more information, please contact:
Investor Relations
iQIYI, Inc.
ir@qiyi.com
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SOURCE iQIYI, Inc.