Baidu Emphasizes AI as Video Unit Files for IPO in U.S.

In a U.S. regulatory filing, Baidu said it would list iQiyi on the Nasdaq exchange and is seeking to raise around $1.5 billion. Analysts at Jefferies have valued iQiyi at $17 billion. The move comes as Baidu looks to raise money for the loss-making unit to stay ahead in the fiercely competitive video-streaming sector where tech titans Tencent Holdings Ltd. TCEHY 2.24% and Alibaba Group Holding Ltd. BABA -1.00% also have strong plays. Baidu told investors in its most recent earnings call that it would remain iQiyi's controlling shareholder. IQiyi, which was founded in 2010 and will list under the ticker IQ, said it is China's largest video-streaming service by amount of time spent watching, with more than 50 million paid subscribers.