BEIJING, March 4, 2022 /PRNewswire/ -- iQIYI, Inc.
(Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, today announced that the Company has
entered into subscription agreements with Baidu and a consortium of
financial investors that include Oasis Management Company Ltd., who
have agreed to subscribe for and purchase from the Company, through
a private placement, a total of 164,705,882 newly issued Class B
ordinary shares and 304,705,880 newly issued Class A ordinary
shares of the Company, for a total purchase price of
US$285 million in cash. Baidu will
subscribe for Class B ordinary shares, and the financial investors
will subscribe for Class A ordinary shares. The private placement
is subject to customary closing conditions and the closing is
expected to take place in the near future.
"We would like to thank all our shareholders for their generous
support and strong faith in the future outlook of the Chinese
long-form video industry. We are committed to our operating
strategy that centers around improving our business operating
efficiency and generating shareholder values." commented Mr.
Yu Gong, Founder, Director, and
Chief Executive Officer of iQIYI.
The securities sold in the private placement have not been
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or any state or other applicable jurisdiction's
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions'
securities laws.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. iQIYI's platform features highly popular
original content, as well as a comprehensive library of other
professionally-produced content, professional user generated
content and user-generated content. 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 massive user
base with tremendous user engagement, and has developed a
diversified monetization model including membership services,
online advertising services, content distribution, online games,
live broadcasting, 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. 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, further information regarding which is included in
the Company's filings with the Securities and Exchange Commission.
All information provided in this press release 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 further information, please contact:
Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com
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SOURCE iQIYI, Inc.