iQiyi CEO Gong Yu talks about development plans: attracting investors to support original programs and artificial intelligence

According to news on May 25, iQiyi plans to conduct a secondary listing in Hong Kong, China, and become one of the largest video platforms in China. This news was rumored as early as 2021. At that time, it was reported that iQiyi planned to go public in Hong Kong before the end of the year. The financing scale was expected to reach at least US$500 million, and it had hired CLSA, Bank of America, and Goldman Sachs. Large investment banks serve as underwriters.

Recently, iQiyi CEO Gong Yu said in an interview that the company is seeking to introduce new investors to fund more original programs and increase investment in The use of artificial intelligence to attract viewers from rival platforms such as Tencent Video and Alibaba-owned Youku. Although profit is the primary goal, Gong Yu said he will not give up market share. Investors have not yet fully believed in Chinese technology stocks and have not yet realized their long-term growth value, but are more focused on short-term gains. " Regarding the detailed arrangements for listing in Hong Kong, Gong Yu did not disclose, only saying that the company is formulating relevant details.

According to the editor's understanding, iQiyi has suffered a cumulative loss of nearly US$5 billion since 2018. However, , both iQiyi itself and outside analysts believe that iQiyi’s revenue may achieve more than 10% growth this year, which will be the first time it has achieved profitability since six years ago.

Data for 2022 shows that iQiyi’s total revenue was 29 billion yuan, a 5% decrease from 2021. Full-year revenue was 7.6 billion yuan, with the fourth quarter contributing part of it ; Throughout 2020, the company lost 136 million yuan, but in the next 2021, the loss is expected to reach 6.2 billion yuan.

iQiyi’s listing plan in Hong Kong is expected to bring more to it Funds and development opportunities have pushed the company to further increase investment in original content and artificial intelligence technology to provide better quality video content and services. With the continuous development of Chinese technology stocks and investors’ recognition of their long-term value, iQi Art is expected to achieve more stable and sustainable growth in the future.

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