iQIYI, Inc. (Nasdaq: iQIYI, “iQIYI”) announced that it had completed its offering of USD 500 m secured convertible senior notes to PAGAC IV-1 (Cayman) Limited, a subsidiary of PAG Group (“PAG”), which can be converted into American depository shares of the company.
iQIYI, PAG and the other parties reached an agreement on the transaction in August 2022 and the transaction was recently closed. After the completion of this investment, iQIYI will further expand its entertainment video business, launch more original content, and improve its working capital management.
JunHe was PAG’s PRC legal counsel in this transaction and provided legal services during the whole process of the project. JunHe’s team was recognized by PAG and the other participants for its professional, efficient and meticulous service.
JunHe’s team was led by ZHOU, Hui (Nelson) and CHEN, Jiang (Joe) with support from partner YUAN, Yifeng (Vincent).
