iQiyi Plots $300M Hong Kong Comeback--Is This China's Next Big Tech Pivot?

iQiyi IQ, the Baidu-owned streaming platform often called China's Netflix, is in early talks to raise around $300 million through a second listing in Hong Kong, according to people familiar with the matter. The company has begun discussions with global banks, potentially joining a new wave of Chinese tech players looking to raise capital closer to home. With a content library spanning Chinese dramas to Hollywood blockbusters and a reported 400 million+ monthly active users, iQiyi stands alongside Tencent Video and Alibaba's Youku in the battle for China's digital attention.

If the deal moves forward, iQiyi would be riding a broader trend of Hong Kong's IPO market regaining momentum. Regulatory loosening has helped the city reclaim its spot as the world's No. 2 market for share sales a position it hasn't held since 2012. Most recent listings have come from mainland-listed firms like CATL, but the tide may be turning. U.S.-listed names such as iQiyi and PDD are increasingly exploring Hong Kong debuts, both to broaden investor access and to hedge against potential fallout from rising tensions between Beijing and Washington.

For iQiyi, the timing could be strategic. A Hong Kong listing may offer better access to investors who understand the company's growth story and give it insulation from regulatory volatility tied to its U.S. ticker. Discussions are still fluid, and the company has not confirmed its final plans. But if it pulls the trigger, iQiyi would be following a path already taken by peers like Alibaba and Baidu firms that saw opportunity in coming home.