21 December 2020
Skadden advised Nasdaq-listed iQIYI, Inc., an innovative market-leading online entertainment service in China, on its public offering of US$ 800 million in aggregate principal amount of 4.00% convertible senior notes due 2026 (the "Notes"), and its concurrent public offering of an aggregate of 40,000,000 American Depositary Shares ("ADSs") at a public offer price of US$ 17.50 per ADS, for a total value of US$ 700 million. Each ADS represents seven Class A ordinary shares of iQIYI. The company has granted the underwriters in the Notes offering a 30-day option to purchase up to an additional US$ 100 million aggregate principal amount of the Notes, and it has granted the underwriters in the ADS offering a 30-day option to purchase up to 6,000,000 additional ADSs. The offering is expected to close on or about 21 December 2020, subject to customary closing conditions.
The Skadden team was led by partners Julie Gao (Hong Kong), Jonathan Stone (Hong Kong) and Haiping Li (Shanghai), with Counsel Yilin Xu (Hong Kong), Asia Pacific Counsel Vincent Sze (Hong Kong), associates Sophie Zhao (Hong Kong) and Cindy Li (Hong Kong), and international legal consultants Wei Luo (Shanghai) and Youtong Ling (Hong Kong).
