Baidu-backed iQiyi files confidentially for Hong Kong listing

Nasdaq-listed iQiyi, a Chinese online entertainment video provider backed by Baidu, has submitted a confidential application for a listing in Hong Kong, the company said on Monday.

Details of the proposed listing have yet to be finalised, the company said, pending regulatory approvals from the Hong Kong stock exchange and the China Securities Regulatory Commission, as well as the company’s own final decision.

“There is no assurance that the proposed listing will take place or when it may take place,” the company said in a statement.

The move makes iQiyi the latest US-listed Chinese company to look to float in Hong Kong amid US regulatory scrutiny.

The listing of Class A ordinary shares on the main board of the Hong Kong bourse aims to “enhance the company’s access to the capital market in Hong Kong, broaden the company’s investor base by increasing exposure to Asia-based institutional and retail investors, and strengthen the company’s international profile”, iQiyi said.

The Beijing-based company was seeking to raise US$300 million in Hong Kong, Bloomberg reported in August.