Benzinga | Oct 6, 2021 09:45AM EDT

iQIYI Explores Dual Listing In China: Bloomberg

* Chinese streaming video site iQIYI Inc (NASDAQ:IQ) has chosen the banks for its dual listing in Hong Kong by 2021 end, Bloomberg reports.

* The Baidu Inc (NASDAQ:BIDU) subsidiary could raise a minimum of $500 million. It raised about $2.4 billion in its 2018 U.S. IPO.

* iQIYI is in discussions with advisers, including Bank of America Corp., CLSA Ltd., and Goldman Sachs Group Inc., on the share sale.

* Chinese firms with U.S. listings have suffered massive declines from an ongoing regulatory crackdown, wiping billions of dollars off the market value of technology firms in particular.

* The Beijing Municipal Radio and Television Bureau ordered iQIYI to suspend the taping of a hit youth-oriented show for unspecified problems in May.

* iQIYI service led rivals Tencent Holdings Ltd (OTC:TCEHY) and Alibaba Group Holding Ltd's (NYSE:BABA) Youku with 579.1 million monthly active users in June.

* Analyst rating: OTR Global lowered read on iQIYI's advertising business to Mixed from Positive.

* The re-rating follows checks with contacts at digital marketing agencies in China that showed year-over-year ad spending growth on iQIYI slowed during Q3 more than sources had expected.

* Price Action: IQ shares traded lower by 0.13% at $7.46 in the market session on the last check Wednesday.