China's iQIYI hires banks for up to $300 million second listing in Hong Kong, sources say
HONG KONG (Reuters) -Chinese video streaming platform iQIYI has hired Bank of America, CICC and JPMorgan to work on a second listing in Hong Kong, which could raise between $200 million and $300 million, said two people with knowledge of the matter.
The company plans to file its application in the third quarter, one of the sources said, adding that the listing could happen before the 2026 Lunar New Year in mid-February.
Both sources declined to be named because the information was private.
Nasdaq-listed iQIYI, controlled by Chinese internet giant Baidu Inc, declined to comment.
Spokespeople for Bank of America and JPMorgan declined to comment. Chinese investment bank CICC (China International Capital Corp) did not immediately respond to a request for comment.
A growing number of Chinese companies have sought to raise capital via initial public offerings or secondary listings in Hong Kong over the past year. That momentum has lifted Hong Kong above New York in terms of listing volumes this year.
The trend has been driven partly by concern over potential forced delistings of Chinese companies from U.S. exchanges since the trade war between the world's two largest economies started this year.
Two Republican lawmakers have urged the U.S. Securities and Exchange Commission to delist Chinese companies that they say have military links that put U.S. national security at risk, the Financial Times reported in May.
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- Forbes
Intel Stock To $60?
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Yes, Intel has been weighed down by PC market weakness, share losses to AMD, repeated manufacturing stumbles, and the AI shift toward GPUs. Yet with government backing, a domestic manufacturing edge, and a turnaround plan in motion, Intel stock has real levers that could drive a rebound. That said, if you want upside with a smoother ride than an individual stock, consider the High Quality portfolio, which has outperformed the S&P, and clocked >91% returns since inception. Intel Revenue Recovery Intel's sales have faltered of late. Intel revenues declined from $79 billion in 2021 to $53 billion in 2024 as Intel's CPU sales declined due to the cooling off of the PC market post-Covid-19, and also due to market share gains by rival AMD. The rise in mobile devices and increasing demand for AI chips - areas where Intel has a limited presence - have also hurt. While the PC market is recovering with sales projected to grow by low single-digits this year, consensus estimates project a 2% dip in sales for Intel this year to about $52 billion. That said, there are a couple of trends that could drive a reversal. Foundry business upside: There are increasing signs that Intel's foundry bet isn't taking off the way the company had expected. The foundry business lost nearly $13 billion last year. However, the market for foundry services is actually booming. Taiwan's TSMC - the world's largest foundry player - sees its AI-related chip revenue doubling in 2025 and rising at a mid-40% levels over the next five years. Intel, meanwhile, has captured little of this surge. But unlike rivals that rely heavily on Asian fabs, Intel still operates substantial U.S. manufacturing capacity, making it the only realistic domestic player to drive Washington's push to re-shore semiconductor production as a national security priority. Trump wants domestic semiconductor production, and Intel already has it in spades. Building this capacity from scratch takes years. With the right policy tweaks, Trump could tilt the playing field toward Intel. See How Intel's 2nm node compares with TSMC It's not like Intel hasn't been innovating either. Intel says that its new 18A process will offer higher performance and lower power consumption compared to TSMC's competing node. Still, TSMC's chips are expected to lead in terms of density and cost, and TSMC has been much more efficient at manufacturing its chips. Currently, most of Intel's publicly announced foundry wins have come from non-traditional semiconductor players such as Amazon, Microsoft, and MediaTek. As Intel's tech continues to get better, companies like Apple and Nvidia might even feel obligated to use Intel's services to stay in the administration's good graces. More competitive chips: Intel's latest CPUs are also seeing better reviews. 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Trump thinks owning a piece of Intel would be a good deal for the US
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