Baidu's iQiyi eyes US listing, over $8 billion in valuation: Bloomberg

Baidu Inc’s video streaming service, iQiyi, is looking for an initial public offering in the United States as early as next year, which could value it at more than $8 billion, Bloomberg reported.

The Chinese firm is about to kick off negotiations with banks and deal arrangers and is aiming for a valuation of as much as $10 billion, Bloomberg reported, citing people familiar with the matter.

IQiyi said in February it raised $1.53 billion in new funds to compete with rivals in the country’s hotly contested online entertainment sector.

Baidu and iQiyi representatives declined to comment.

(REUTERS)