BEIJING, Jan. 17, 2023 /PRNewswire/ -- iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced the pricing of an underwritten public offering (the "Offering") of 76,500,000 American Depositary Shares, each representing seven Class A ordinary shares, par value $0.00001 per share, of the Company (the "ADSs"), at a public offering price of US$5.90 per ADS. The Company granted the underwriters a 30-day option to purchase up to an aggregate of 11,475,000 additional ADSs. The net proceeds of the Offering (after deducting underwriting commissions) amount to US$442.3 million, assuming the underwriters do not exercise the option to purchase additional ADSs. The Company plans to use such net proceeds for working capital purposes, including serving its existing debt obligations. The Offering is expected to close on January 19, 2023, subject to customary closing conditions.
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