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IPO Watch: Unpronounceable Chinese "Netflix"


iQiyi, an online video streaming site also called as the Netflix of China, is planning to go public in the US.

The company plans to list its shares on the Nasdaq under the symbol "IQ." The company seeks to raise $1.5 billion in its offering, but the final amount could be higher. The company did not reveal how many shares it plans to offer.

iQiyi has more than 50 million subscribers, with 1.7 hours spent per day by an user on an average.

The company said its revenues increased by 54.6% from RMB11,237.4 million in 2016 to RMB17,378.4 million or $2,671.0 million in 2017. The company reported net loss of RMB3,736.9 million or $574.4 million in 2017.

iQiyi had partnered with Netflix last April, a deal that gives its Chinese subscribers access to popular original series like "Black Mirror," "Stranger Things" and "Mindhunter."

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