Tiger Brokers

BUZZ-China's iQIYI slips after announcing $300 million convertible bond offering

Reuters
Feb 20, 2025
BUZZ-China's iQIYI slips after announcing $300 million convertible bond offering

** iQIYI's IQ.O shares down 7% at $2.25 in premarket trading as Chinese video streaming platform seeks capital raise

** Beijing-based IQ announces offering of $300 million convertible bonds due 2030

** Bond issuance comes as Chinese tech stocks have rallied in recent weeks amid optimism around DeepSeek AI and thawing in authorities' approach to internet giants

** The unsecured bonds pay coupon of 4.25% to 4.75% per year, according to term sheet reviewed by Reuters

** IQ stock closed up 5% at $2.42 on Wednesday, giving co $2.3 billion market cap, according to data compiled by LSEG

** Co plans to use proceeds to repay debt and other purposes

** IQ shares up 20.4% YTD, after slumping 58.8% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10