Feb 28, 2018
iQiyi: 'China's Netflix' to list on US stock market
Chinese video streaming service iQiyi - often called China's Netflix - has filed to be listed on the US stock market. While revenues have risen in recent years, iQiyi has never posted a profit since it launched in 2010. In April 2017, iQiyi signed a licensing agreement with Netflix to steam some of the US provider's original content including Stranger Things and Black Mirror. iQiyi posted a net loss of 3.7bn yuan for 2017 compared with 3.1bn yuan the previous year, though revenue jumped by 55% to 17.4bn yuan. Baidu, which founded the business as Qiyi before later changing its name to iQiyi, is itself listed in the US..
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