iQIYI, Inc. American Depositary Shares

Iqiyi is a leading streaming video-on-demand company in China that generates revenue through a mostly subscription basis and has about 100 million paying subscribers and 500 million monthly average users on its platform. The platform also provides user-generated content in long-form videos free of charge to nonpaying users, monetized through video-brand ads and performance-based ads. The company self-produces much of the subscription content and also generates revenue through content distribution, gaming, and IP licensing. Iqiyi competes in a crowded industry with Tencent Video, Alibaba's Youku, ByteDance's MangoTV, and Tencent-backed Bilibili. The company is 45.5% and 5.1% owned by Baidu and Xiaomi, respectively. Baidu also held 89.3% of the voting power as of end-February 2023.