Hong Kong

BAIDU Inc's iQiyi is targeting a US initial public offering as soon as in 2018 that could value China's most popular Netflix-style streaming video service at more than US$8 billion, two people familiar with the matter say.

The company controlled by search giant Baidu is about to kick off negotiations with banks and deal arrangers and is shooting for a valuation of as much as US$10 billion, the people said, asking not to be named because the matter is private.