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IQIYI INC

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IQIYI : China's iQiyi looks abroad after hitting 100 million paying subscribers

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06/25/2019 | 07:33am EDT
FILE PHOTO: iQiyi Inc., logo is displayed on screen during company's IPO at Nasdaq Market Site in New York

(This 24 June story corrects to add company clarification that iQiyi's partnership with Netflix has ended, not ongoing and removes quote which suggested that partnership was ongoing.)

By Pei Li and Brenda Goh

The company, which has been locked in a cash-burning fight with Tencent's video site and Alibaba-backed Youku Tudou in China, wants to distribute more of its self-produced content in North America, Singapore, South Korea and Japan, where they were seeing growing interest in Chinese-language shows, iQiyi's President of Membership and Overseas Business, Yang Xianghua, told Reuters in an interview.

"Given more time, I think we can have a lot of opportunities in other markets globally," he said.

The company, which produces original TV programmes, reality shows, and online movies, announced on Saturday that it had reached the 100 million paid subscriber mark, which it attributed to its focus on acquiring viewers among the country's elderly and rural residents.

In comparison, Tencent Video said in May that it had 89 million paying subscribers respectively while Netflix Inc in January said it had over 139 million paid memberships in over 190 countries.

iQiyi currently distributes its content overseas through tie-ups with local streaming sites.

A bigger push overseas could eventually see iQiyi go head-to-head with Netflix, with which it signed a licensing deal in 2017.

Under that partnership, which iQiyi said had expired in September last year, Netflix had streamed some of its content through iQiyi's site.

(Reporting by Pei Li and Brenda Goh; editing by Uttaresh.V)

Stocks mentioned in the article
ChangeLast1st jan.
IQIYI INC 2.37% 18.97 Delayed Quote.27.57%
NETFLIX -1.07% 307.3 Delayed Quote.14.81%
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Financials (CNY)
Sales 2019 30 669 M
EBIT 2019 -8 567 M
Net income 2019 -8 857 M
Debt 2019 4 310 M
Yield 2019 -
P/E ratio 2019 -10,3x
P/E ratio 2020 -15,3x
EV / Sales2019 3,23x
EV / Sales2020 2,87x
Capitalization 94 625 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 155,26  CNY
Last Close Price 130,50  CNY
Spread / Highest target 42,3%
Spread / Average Target 19,0%
Spread / Lowest Target -23,8%
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Managers
NameTitle
Yu Gong Chief Executive Officer & Director
Yan Hong Li Chairman
Xiao Dong Wang Chief Financial Officer
Wenfeng Liu Chief Technology Officer
Herman Yu Director
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