China’s popular video streaming service, iQiyi, has filed confidentially for US IPO according to IFR. Sources familiar with the plans said the company is looking to raise $1 billion by the end of Q1 or early Q2 of 2018. iQiyi has not commented on their plans for IPO.

Rumors of iQiyi’s IPO have been circulating since the end of last year. In September, Bloomberg reported that iQiyi was taking its IPO to the US, which could value the video streaming service at over $8 billion. And in October 2017, IFR also reported that iQiyi had picked three banks—Bank of America, Credit Suisse and Goldman Sachs—to help manage the deal.

iQiyi is a Netflix-like video streaming service currently controlled by search giant Baidu, who became the firm’s largest shareholder in 2012. In 2013, Baidu acquired PPS—another popular video streaming platform in China—for $370 million, merging the two video streaming services. After the merger, iQiyi began to expand into areas such as self-produced content, exclusive online broadcasting, and variety shows.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.