Baidu plans US IPO of Netflix-like unit as Q4 sales top estimates

Beijing

BAIDU plans to list its Netflix-like video streaming service iQiyi on a US exchange as China's biggest search engine posted fourth-quarter sales that topped analyst estimates.

Baidu submitted draft registration documents to the Securities and Exchange Commission although the proposed number of American depositary receipts to be offered hasn't been determined, the company said in a statement on Tuesday. The Beijing-based company expects to remain the controlling shareholder after the initial public offering of the business, which analysts have valued at about US$15 billion.