5 April, 2019
Davis Polk advised the initial purchasers in connection with a Rule 144A and Regulation S offering by iQIYI, Inc. of $1.2 billion aggregate principal amount of its 2.00% convertible senior notes due 2025, including a $150 million option to purchase additional notes, which was exercised in full. In addition, Davis Polk advised the counterparties to capped call transactions entered into in connection with the offering.
iQIYI is an innovative market-leading online entertainment service in China. Its platform features highly popular original content, as well as a comprehensive selection of professionally-produced and partner-generated content. iQIYI is considered one of the largest internet companies in China in terms of user base.
The Davis Polk corporate team included partner James C. Lin and registered foreign lawyers Kevin Zhang and Andrea Feuer. The equity derivatives team included partner John M. Brandow and associates Hanbing Zhang, Crystal Chi and Annie Li. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.
The announcement above is not offer for sale of securities in the United States. The securities referred to herein (the "Securities") have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The issuer of the Securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Securities in the United States.
