December 22, 2016 / 10:14 AM / 10 months ago

Baidu plans $1 billion IPO for video-streaming site iQiyi.com: WSJ

(Reuters) - Baidu Inc, China’s largest internet search company, plans an initial public offering of shares in its video-streaming site, iQiyi.com, the Wall Street Journal reported, citing people familiar with the matter.

Baidu's company logo is seen at its headquarters in Beijing December 17, 2014. REUTERS/Kim Kyung-Hoon/File photo

Baidu is considering listing iQiyi in either Hong Kong or in the United States next year and could raise about $1 billion through the IPO, the Journal reported. on.wsj.com/2hWbPWq

Baidu was not be immediately available to comment.

The Chinese company said in July that an offer it received in February from Robin Yanhong Li, head of Baidu, and Yu Gong, chief executive of the video streaming site, to buy its 80.5 percent stake had been withdrawn.

Baidu, known as China’s Google, bought the majority stake in the then loss-making iQiyi in 2012, in a push into the highly competitive Chinese digital media market.

Reporting by Parikshit Mishra in Bengaluru; Editing by Anil D'Silva

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