iQIYI, Inc.’s $2.25 billion Initial Public Offering

Davis Polk advised the representatives of the underwriters on the SEC-registered initial public offering by iQIYI, Inc. of 125,000,000 American Depositary Shares, each representing seven Class A ordinary shares, for total proceeds of $2.25 billion.

China Renaissance, Citigroup, UBS Investment Bank, Goldman Sachs (Asia) L.L.C., Credit Suisse and BofA Merrill Lynch acted as underwriters.

iQIYI has granted the underwriters an option to purchase up to an additional 18,750,000 ADSs. The ADSs are listed on NASDAQ under the symbol “IQ.”

iQIYI is a market-leading online entertainment service in China. Its platform features highly popular original content, as well as a comprehensive selection of professionally produced and partner-generated content. Through its license partner, iQIYI also operates the largest smart TV video streaming service in China as measured by monthly active devices in December 2017.

The Davis Polk corporate team included partners James C. Lin (Picture) and Li He and registered foreign lawyer Kevin Zhang. Counsel Alon Gurfinkel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice.

 

Involved fees earner: James Lin – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Merrill Lynch; Citigroup Inc.; Credit Suisse; Goldman, Sachs & Co.; UBS Investment Bank; China Renaissance Securities Limited;