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Report: Baidu eyeing $1B IPO for iQiyi

Chinese internet giant Baidu Inc. is planning an IPO for its video streaming site iQiyi, The Wall Street Journal reported Dec. 22, citing people familiar with the matter.

Baidu is considering listing iQiyi in Hong Kong or the U.S. in 2017. It expects that the flotation would raise about $1 billion, valuing iQiyi between $4 billion and $5 billion.

The company is also planning to issue a convertible bond or similar instrument to raise capital before the IPO, sources said.

An iQiyi spokeswoman reportedly declined to comment.

The development comes several months after Baidu CEO Robin Li proposed to take the online video company private in a deal worth $2.3 billion, but later on withdrew the proposal amid shareholder opposition.