Sina Technology News Beijing time on the evening of January 17th, iQiyi (Nasdaq: IQ) announced today that it will publicly issue 76,500,000 American depositary shares (ADS). Each ADS represents seven Class A ordinary shares with a par value of US$0.00001.
In addition, iQiyi also plans to give the underwriter the over-allotment right to purchase up to an additional 11,475,000 ADSs within 30 days.
iQiyi plans to use the net proceeds of the offering for working capital, including repayment of existing debt.
BofA Securities, Goldman Sachs (Asia) Ltd. and J.P. Morgan Securities are the joint book-running managers for the offering.
Editor in charge: Zheng Zhuo
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