iQIYI plans to relist in Hong Kong for a secondary offering, announces AI video tool testing, stock price surges

On March 30, iQIYI released an announcement stating that it plans to list on the Hong Kong Stock Exchange, while also implementing a share repurchase program.

The announcement shows that the company has secretly submitted its listing application forms to the Hong Kong Stock Exchange, seeking to list on the Hong Kong Stock Exchange and be approved to trade Class A ordinary shares. iQIYI said that a “return-to-Hong-Kong” listing is intended to enhance the company’s financing channels in the Hong Kong capital market, increase attention from Asian institutional and retail investors, expand the company’s investor base, and improve its international image.

In the announcement, iQIYI emphasized that the details of the proposed listing have not yet been finalized. The proposed listing can be carried out only if certain conditions are met, including approval by the Hong Kong Exchanges and Clearing Limited, completion of the filing documents submitted to the China Securities Regulatory Commission, and the company’s final decision. Whether the proposed listing will proceed, or when it will proceed, cannot be guaranteed.

It is understood that as early as last August, there were market rumors that iQIYI was seeking a return-to-Hong-Kong listing, with a target of raising $300 million. This approach was very likely aimed at raising funds to add capital strength and further improve its debt structure and financial flexibility. At the time, iQIYI responded that, “For now, there is no additional information we can provide.”

In January, which has just passed, iQIYI announced that its Chief Financial Officer, Wang Jun, stepped down from the CFO position for personal reasons, and that he would continue to serve as an advisor through May 31, 2026. Ying Zeng, Senior Vice President of Finance at iQIYI, was appointed as Acting Chief Financial Officer. iQIYI said it will continue to select suitable candidates for the Chief Financial Officer role. Wang Jun previously participated extensively in iQIYI’s U.S. listing.

In addition, iQIYI also announced a share repurchase program, saying that on March 30, the company’s board of directors approved a share repurchase plan, under which the company will be permitted to repurchase shares of up to $100 million within the next 18 months (including repurchases in the form of American depositary shares). The share repurchase program became effective immediately upon approval. The share repurchase program is intended to demonstrate the company’s confidence in its long-term business prospects and create value for shareholders. The company expects to use its existing cash balance to fund the repurchase.

iQIYI also disclosed in the announcement that the company has recently launched its independently developed AI smart assistant, “Nadou Pro,” and conducted public commercial testing. According to the introduction, “Nadou Pro” is the first AI assistant in China designed specifically for professional long-form video production. It combines leading foundation models and iQIYI’s extensive experience in producing high-quality content, and can effectively simplify the entire production process from creative ideation to final video generation.

As of the time of publication, iQIYI’s share price had risen by as much as 11.25%, reaching $1.34 per share, after having climbed as much as 14% earlier in pre-market trading.

（Source: Nanfang Metropolitan Daily）