: IQiyi U.S. shares fall on secondary offering
IQiyi Inc.’s IQ U.S.-traded shares fell in the extended session Tuesday after the Chinese streaming-video company announced a secondary offering of convertible notes and American depositary shares. IQiyi’s ADS fell 10% after hours, following a 1.3% decline to close the regular session at $22.31. The company said it was offering $800 million in convertible senior notes due in 2026, and 40 million ADS with an option for underwriters to buy an additional 6 million to cover overallotments. Along with general corporate purposes, the company said it plans to use proceeds “to expand and enhance its content offerings, strengthen its technologies and for working capital.” IQiyi has about 734 million ADS outstanding.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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