<article><p>Two more large technology companies in China have launched initial public offerings to begin trading in New York.</p>
<p>The filings Friday by Baidu Inc.’s Netflix-style video streaming service iQiyi Inc. and video site Bilibili Inc. come on the heels of 21 new listings last year by Chinese companies on U.S. exchanges.</p></article>

<p>Two more large technology companies in China have launched initial public offerings to begin trading in New York.</p>
<p>The filings Friday by Baidu Inc.’s Netflix-style video streaming service iQiyi Inc. and video site Bilibili Inc. come on the heels of 21 new listings last year by Chinese companies on U.S. exchanges.</p>
<p>IQiyi aims to raise as much as $2.4 billion, offering 125 million American depositary shares at $17 to $19 apiece, according to its filing with the U.S. Securities and Exchange Commission. Bilibili said in its filing that it intended to raise as much as $525 million, offering 42 million depositary shares for $10.50 to $12.50 each.</p>
<p>Chinese companies hungry for more cash for expansion have increasingly turned to U.S. markets to sell their shares, with last year’s total being the most since 2010, according to data compiled by Bloomberg. While investors in 2017’s class have lost 11 percent on a weighted-average basis, the cadence of deals doesn’t appear to be slowing.</p>
<p>Tencent Holdings Ltd.’s music unit and Xiaomi Corp. are among the companies that are said to be exploring first-time share sales in Hong Kong or elsewhere. Qu Toutiao, a Chinese news and video aggregation mobile app, is weighing a U.S. IPO at a value of as much as $3 billion, people with knowledge of the matter have said.</p>
<p>Both iQiyi and Bilibili are online entertainment platforms for streaming video. IQiyi counted 60.1 million subscribers at the end of February, with more than 98 percent of them paying for services, according to its deal prospectus. The company has focused on producing original content such as variety shows and original dramas.</p>
<h3>Goldman, Credit Suisse</h3>
<p>Total revenue at iQiyi climbed to $2.7 billion last year with a net loss of $574 million. The company has applied to list its shares on the Nasdaq Global Market under the symbol IQ in a deal led by Goldman Sachs Group Inc., Credit Suisse Group AG and Bank of America Corp.</p>
<p>Bilibili has focused on a younger audience, with about 82 percent of its user base having been born in China from 1990 to 2009, according to QuestMobile data cited in the company’s IPO prospectus. At the end of 2017, the company had 71.8 million active users on average monthly.</p>
<p>Bilibili posted net revenue of $379 million and a net loss of $28 million last year. The company has applied to list on the Nasdaq Global Select Market, under the symbol BILI. Morgan Stanley, Bank of America and JPMorgan Chase &amp; Co. are leading the company’s deal.</p>
<h4><em>Bloomberg</em></h4>


iQiyi, Bilibili join the Chinese rush to go public in the U.S.

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