iQIYI $1.5 billion concurrent convertible notes and equity offerings
Davis Polk advised the joint book-running managers in connection with concurrent SEC-registered offerings by iQIYI, Inc. of $800 million aggregate principal amount of its 4.00% convertible senior notes due 2026, with a $100 million option to purchase additional notes, as well as an aggregate of 40,000,000 American depositary shares at a price to public of $17.50 per ADS, with an option to purchase up to 6,000,000 additional ADSs.
iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, professional user generated content and user-generated content.
The Davis Polk corporate team included partners Li He and James C. Lin, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Jennifer (Yujia) Jiang, Crystal Chi and Wentian Xie. The equity derivatives team included partners John M. Brandow and Yan Zhang and associate Hanbing Zhang. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.