iQIYI, a video streaming company that is often referred to as China’s Netflix, needs to raise new finance. Equally, there is an imperative for it to grow internationally. The two issues go hand in …
, though he gave no details of either the value or the timing of the fund-raising exercise. “Most likely through the issue of bonds or convertible bonds, to the public.”
iQIYI’s shares were initially listed on the NASDAQ at $18 per ADR, and quickly soared to over $42 by June the same year. Since then, as profitability has proved elusive, the stock has retreated to the low $20-$25 range. But an early 2020 surge has seen the ADRs add more than 8% in the first two days of trading.
Gong argues that China’s big three streaming players now largely see the content cost problem the same way. After having gained traction through years of heavy content investment, they each now need to grow their businesses and to increase subscription fees. “We have been in Taiwan for three years. And have probably done better there than Netflix. Perhaps Netflix thinks that the Taiwan market is too small . But culture is also very important. We think we can use the lessons learned from Taiwan in other Asian markets,” said Gong.
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