The company, which will operate under the IQ symbol, has quoted 125 million shares at $ 18 each
After months of preparation work, the Chinese video streaming service iQiyi Inc. celebrated its initial public offering, playing the famous inaugural bell at NASDAQ.
The company, operating under the symbol “IQ“, has listed its initial public offering of 125,000,000 US depository shares (ADS) to $ 18.00 US dollars for ADS, bringing the total offer to around $ 2.25 billion .
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IQiyi started trading at $ 18.20 per share, rising 1.11% from its prices and trading at $ 16.80 apiece. The fund raised from this work will primarily be used to expand and improve iQiyi’s content offering and to strengthen the company’s technologies.
Wang Xiaohui, iQiyi’s Chief Content Officer, said: “Content and technology are the twin pillars of the company. We’ll invest more in original content creation and also apply advanced technologies including big data and artificial intelligence to improve our platform”.
iQiyi, according to data collected in February 2018, can count on over 60 million users
According to the iResearch research company, iQiyi is the largest Internet video streaming service for China in terms of time spent by the user and average total MAUs (monthly active users) in 2017.
As of February 28, 2018, the number of users in iQiyi reached 60.1 million, of which over 98% paid as subscriber.