iQIYI, Inc. American Depositary Shares - IQ STOCK NEWS

iQIYI, a leading online entertainment service in China, concluded its 4th Annual Content Showcase in North America on June 27, 2024. The company unveiled over 250 new Asian shows and announced its expansion into Brazil with Portuguese subtitles. Notable new shows include Liying Zhao's urban suspense drama 'What a Wonderful World' and Li Sun's 'Breaking the Shadows.' Costume dramas such as 'Fangs of Fortune' and 'Reborn to Love' were introduced alongside modern dramas like 'The White Olive Tree.' iQIYI also announced the extension of its services on Roku TV to five additional markets in Central and South America. The showcase emphasized the company's commitment to delivering diverse, premium content to a global audience.

On June 19, iQIYI, a leading online entertainment service in China, revealed plans to launch VR location-based experiences across major Chinese cities this summer, followed by global expansions in Dubai and Bangkok. The initiative aims to tap into offline commercial spaces and the cultural tourism market using innovative VR technology. iQIYI's Luoyang VR Project, which debuted in Shanghai last year, will launch in Shenzhen, and a new adaptation of 'Strange Tales of Tang Dynasty 2' will open in Shenzhen and Beijing. Additionally, a VR immersive theater based on 'Love Between Fairy and Devil' will open in Macau and Shanghai. Existing projects have already attracted over 100,000 visitors. These VR projects aim to modernize and globalize Chinese cultural content, utilizing advanced technologies for immersive, multisensory experiences.

On June 5, iQIYI hosted its fourth annual Golden Screenwriters' Night in Beijing, celebrating 32 screenwriters and 15 works across drama, film, and animation. A diverse panel judged 61 shortlisted works for thematic depth, artistry, and market value. Highlights included 'Under The Light,' winner of 'Best Original Screenplay for Theatrical Film,' and 'Heroine,' which received 'Best Original Screenplay for Chinese Comics.' Notably, new categories like 'Annual Best Comedy Screenplay' were introduced. Chief Content Officer Xiaohui Wang emphasized iQIYI's commitment to supporting screenwriters and fostering innovation in China's entertainment industry.

iQIYI, a leading provider of online entertainment video services in China, has announced a repurchase right notification for its 4.00% Convertible Senior Notes due 2026. Holders can require the company to repurchase all or part of their notes for cash on August 1, 2024. This repurchase option will be available from July 2, 2024, to July 30, 2024. The repurchase price will be 100% of the principal amount, plus any accrued and unpaid interest up to August 1, 2024. Currently, there is an aggregate principal amount of $395.6 million in notes outstanding. If all notes are repurchased, the total cash purchase price will be approximately $397.6 million. iQIYI will file a Tender Offer Statement on Schedule TO with the SEC and provide detailed procedures for exercising this repurchase right through the Depository Trust Company and Citibank, N.A.

On May 20, iQIYI announced the launch of a VR immersive theater at the Galaxy Promenade in Galaxy Macau this summer, adapted from its hit series Love Between Fairy and Devil. This project, created by iQIYI DREAMVERSE Studio, marks its debut in the Greater Bay Area and follows previous successful VR projects in China. The theater will feature innovative technologies like interactive gesture control and flight motion simulators, offering a one-hour experience in a stunning ancient world with puzzles and captivating plotlines. This venture is the second collaboration between iQIYI and Galaxy Macau and aims to bolster Macao's cultural and entertainment industry. iQIYI plans to continue merging IP, technological innovation, and cultural tourism to enhance the value of its original IPs globally.

iQIYI (Nasdaq: IQ) reported its Q1 2024 financial results, showing a 5% year-over-year revenue decline to RMB7.9 billion (US$1.1 billion). Despite this, operating income increased by 10% to RMB944.8 million (US$130.8 million), with an improved operating margin of 12%. Net income attributable to iQIYI rose by 6% to RMB655.3 million (US$90.8 million), but non-GAAP net income decreased by 10% to RMB844.3 million (US$116.9 million). Membership services revenue fell by 13%, while online advertising grew by 6%, and content distribution surged by 27%. Cost of revenues and content costs decreased by 5%. Operating cash flow was RMB937.8 million (US$129.9 million).

iQIYI released a report on viewership data and content trends for the May Day holiday, showing a 12% increase in total viewing time. Popular drama series boosted tourism in filming locations with significant growth in viewing time for films, variety shows, and sports programming. The report highlighted the success of shows like Pegasus 2 and The Rap of China, along with the positive impact on tourism in filming locations.