iQIYI reportedly seeks to raise US$300m for HK listing

iQIYI, the Baidu-owned Chinese online entertainment platform, is reportedly seeking to raise US$300 million for a listing in Hong Kong this year.

Currently listed in the US, iQIYI has begun discussions with several global banks regarding a secondary listing in Hong Kong, according to Bloomberg. It is following the footsteps of companies such as Contemporary Amperex Technology (CATL) in exploring a second listing in Hong Kong.

iQIYI has declined to comment when MARKETING-INTERACTIVE reached out.

Offering a wide range of content from Chinese historical dramas to major Hollywood movies, iQIYI is estimated to have over 400 million monthly active users, according to the report. It competes with Tencent and Alibaba Group to be one of the largest video-streaming platforms in China. If the listing proceeds, iQIYI will become part of a surge in listings that have driven Hong Kong's resurgence this year. However, negotiations about the listing remain dynamic, and iQIYI may still decide to reassess its plans, according to the report. 

This almost comes amidst improved performances of the streaming platform in Q1 2025. According to iQIYI's first quarter 2025 financial results, the company reported a net profit of HK$205 million, a 72% year-on-year decline. Adjusted earnings were HK$344 million, down nearly 64%, while revenue reached HK$8.13 billion, a 9% increase.

iQIYI's CEO Gong Yu said during the " 2025 TV Drama Directors' Conference" (2025電視劇導演大會) in April that among the 100 dramas currently aired on video platforms, only 30% to 40% break even, while just over 30% are truly profitable, according to HKEJ. The proportion of losses exceeds 50%, and the situation is even more severe for television stations, where nearly 100% of dramas are operating at a loss.

He added that the production cycle for long dramas is lengthy and capital turnover is slow, often taking several years from project initiation to revenue generation. This inefficiency has driven many investors toward micro-dramas, which offer shorter cycles and quicker returns. Thus, shortening production timelines and controlling costs are essential to alleviate financial pressure.

Don’t miss: iQIYI expands local-based entertainment with new VR immersive theatre in Macau

Back in May, iQIYI introduced a VR immersive theatre on the first floor of Galaxy Promenade in Galaxy Macau. The theatre drew inspiration from iQIYI’s hit series Love Between Fairy and Devil, showcasing iQIYI's commitment to expanding location-based entertainment through its unique blend of “IP+ Technology”.  

Created by iQIYI DREAMVERSE Studio, this VR adaptation of Love Between Fairy and Devil marked its debut in the Greater Bay Area, showcasing another “Real Scenery + VR” immersive theatre adapted from its blockbuster original IPs.  

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