Jingtian & Gongcheng, Davis Polk and Latham & Watkins assisted Chinese video streaming platform, iQIYI, in its USD350 million convertible bonds issuance.
Jingtian & Gongcheng acted as iQIYI’s Chinese legal counsel, handling the National Development and Reform Commission’s foreign debt review and registration, conducting due diligence under PRC law, and reviewing issuance documents.
Davis Polk advised iQIYI on Hong Kong listing rules and privately negotiated repurchases of its existing convertible senior notes. The team was led by partners He Li, Zhang Yan and Jason Xu, with support from members in the Beijing, Hong Kong and New York offices.
Latham & Watkins advised the underwriter.
The senior notes, due in 2030, carry a coupon rate of 4.625% per year, payable quarterly, as announced by iQIYI. The proceeds will be used to repay or repurchase the Beijing-based company’s existing debt securities, and for general corporate purposes.
Previously, Jingtian & Gongcheng and Davis Polk participated in iQIYI’s US IPO in March 2018, and have since been consistently involved in the company’s refinancing projects, such as convertible bond offerings and ADR issuances.
The joint bookrunners for the deal were Bank of America, Morgan Stanley and JPMorgan.
iQIYI, a leading provider of online entertainment video services in China, reported total revenue of RMB29.2 billion (USD4 billion) for 2024, marking an 8% year-on-year decline, while its net profit dropped nearly 60% to RMB764 million.
