Baidu's iQiyi picks BofA, Credit Suisse, Goldman for US IPO worth $1b

Baidu's iQiyi picks BofA, Credit Suisse, Goldman for US IPO worth $1b

A person holds a phone with Baidu Inc's video streaming service iQiyi in Jinan, Shandong province, China, in this May 25, 2016 photo illustration. Picture taken May 25, 2016. REUTERS/Stringer

Baidu Inc’s iQiyi, a Netflix style video streaming service in China, has picked three banks to help arrange a U.S. initial public offering (IPO) worth about $1 billion, IFR reported on Monday, citing people familiar with the plans.

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