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Report: 3 US banks to help Baidu unit with planned IPO

Baidu Inc.'s streaming service iQiyi has selected three U.S. banks to help manage its planned U.S. initial public offering, Reuters reported, citing a report by Thomson Reuters' International Financing Review.

The Chinese service will get the help of Bank of America, Credit Suisse and Goldman Sachs to manage the IPO, which is worth about $1 billion. IQiyi is looking to go public as early as the first half of 2018, with Baidu planning to retain a controlling stake in the over-the-top service through dual-class shares.

IQiyi is the largest OTT service in China and is available in ad-supported, subscription and transactional models.