Chinese video streaming platform iQIYI to raise US$600 million through convertible bonds
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CHINESE video streaming company iQIYI said on Wednesday (Mar 1) it would raise US$600 million through the issue of convertible notes and use the funds to repay debt.
US-listed shares of iQIYI were down nearly 7 per cent in premarket trading.
Video-streaming app Bilibili, e-commerce group Pinduoduo and peers have recently piled into the convertible debt boom. Bilibili in January raised money through a discounted sale of its American depositary shares for repurchasing a convertible note.
iQIYI, China’s answer to Netflix, has recorded quarterly profits only a couple of times and is expected to report its first annual profit this fiscal year since going public.
iQIYI has made several hit drama series, including The Long Night and The Wind Blows From Longxi. Its original variety shows, The Rap of China and The Big Band, have also been major topics on social media.
The convertible notes will mature on Mar 15, 2028, the company said. REUTERS
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