iQIYI Announces Proposed Offering of American Depositary Shares

iQIYI, a leading provider of online entertainment video services in China, announced an underwritten public offering (the "Offering") of 76,500,000 American Depositary Shares, each representing seven Class A ordinary shares, par value $0.00001 per share, of the Company (the "ADSs"). The Company intends to grant the underwriters a 30-day option to purchase up to an aggregate of 11,475,000 additional ADSs. The Company plans to use the net proceeds from the Offering for working capital purposes, including serving its existing debt obligations.

BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC act as the joint bookrunners for the Offering.