IQiyi Inc., the Chinese entertainment company backed by Baidu Inc., filed for an initial public offering in the U.S.
The Beijing-based company filed with an offering size of $1.5 billion, an initial placeholder amount that is likely to change, according to a filing with the U.S. Securities and Exchange Commission. IQiyi is aiming for a public market valuation of as much as $10 billion, people familiar with the matter said last year.
