We advised the issuer on a follow-on offering of ADSs

Davis Polk advised iQIYI, Inc. on its SEC-registered equity offering of 76,500,000 American depositary shares. Each ADS represents seven Class A ordinary shares of iQIYI. iQIYI has granted the underwriters an option to purchase up to an additional 11,475,000 ADSs. The total net proceeds for the offering are $442 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs.

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats.

The Davis Polk corporate team included partner Li He, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Pengyao (Raymond) Lai and Yin Wu. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.