Deals
Baidu’s Video Website Plans IPO Within Three Years
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Baidu Inc.’s IQiyi video website plans to hold an initial public offering within three years as it competes with Youku Tudou Inc. for China’s 618 million Internet users seeking movies and TV shows online.
The Beijing-based site, which offers “Mad Men” and the South Korean drama “My Love From the Star,” is aiming for a valuation that surpasses Youku Tudou’s, Chief Executive Officer Gong Yu said in an interview in Beijing on April 29. The U.S.- listed Youku has a market capitalization of $3.7 billion and posted 3 billion yuan ($479 million) in revenue last year.