Chinese video streaming platform iQIYI has reportedly tapped Bank of America, CICC, and JPMorgan to work on its Hong Kong second listing. Sources indicate that this secondary listing could raise between US$200 million and US$300 million, providing a significant capital injection for the company.
This potential listing represents a strategic move for Nasdaq-listed iQIYI, which is controlled by Chinese internet giant Baidu Inc. A Hong Kong listing could enhance the company's financial flexibility, increase its liquidity, and broaden its investor base, particularly among Asian investors.
The move aligns with a trend of U.S.-listed Chinese firms seeking secondary listings closer to home. While iQIYI declined to comment on the matter, the engagement of major banks suggests concrete steps are being taken towards this significant financing event.
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