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 the pricing of 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"), at a public offering price
of US$5.90
per ADS. The Company granted the underwriters a 30-day
option to purchase up to an aggregate of 11,475,000 additional
ADSs. The net proceeds of the Offering (after deducting
underwriting commissions) amount to US$442.3 million,
assuming the underwriters do not exercise the option to purchase
additional ADSs. The Company plans to use such net proceeds
for working capital purposes, including serving its existing debt
obligations. The Offering is expected to close on January 19, 2023, subject to customary closing
conditions.
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 is 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. The Offering is being made by means of a prospectus
supplement and an accompanying prospectus included in the Form F-3.
The Form F-3 and the prospectus supplement are available on the
SEC's website at www.sec.gov. Copies of the 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.
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.