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iQIYI (Nasdaq: IQ) eyes HKEX listing and US$100M share repurchase

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

iQIYI, Inc. outlined several new corporate initiatives, including a proposed listing of its Class A ordinary shares on the Main Board of the Hong Kong Stock Exchange, a new share repurchase program, and the commercial testing of its proprietary AI video agents Nadou Pro.

The company has confidentially submitted a listing application to the Hong Kong Stock Exchange, aiming to improve access to Hong Kong capital markets, broaden its Asia-focused investor base, and strengthen its international profile. The listing is subject to regulatory approvals, completion of required filings and a final board decision, and there is no assurance it will occur.

iQIYI’s board approved a share repurchase program authorizing the buyback of up to US$100 million of shares, including ADSs, over the next 18 months, funded from existing cash. Repurchases may occur via open-market trades, block deals or other lawful methods. The company also launched open commercial testing of Nadou Pro, AI agents designed for professional long-form video generation that streamline content creation from concept to final video.

Positive

  • US$100 million share repurchase authorization over 18 months, funded from existing cash, which can support per-share metrics and reflects management’s stated confidence in long-term business prospects.
  • Proposed Main Board listing on the Hong Kong Stock Exchange that, if completed, could broaden iQIYI’s investor base in Asia and enhance access to regional capital markets.
  • Launch of open commercial testing for Nadou Pro AI agents, targeting professional long-form video generation and potentially improving efficiency across the company’s content production pipeline.

Negative

  • None.

Insights

iQIYI pairs a sizable buyback with a potential HKEX listing and new AI product testing.

iQIYI has authorized a share repurchase of up to US$100 million over 18 months, funded from existing cash. Buybacks of this scale can reduce effective float and signal management’s confidence in long-term prospects, though actual impact depends on execution pace and market conditions.

The company has also confidentially applied for a Main Board HKEX listing, aiming to tap Hong Kong capital markets and expand its Asia-based investor base. This proposal remains contingent on approvals and a final corporate decision, so its effects will depend on whether and when it proceeds.

Finally, open commercial testing of Nadou Pro, AI agents for professional long-form video generation, links advanced models with iQIYI’s production expertise. The filing highlights potential workflow streamlining, but commercial traction and revenue contribution are yet to be detailed in future disclosures.

Share repurchase authorization US$100 million Maximum aggregate amount under new buyback program
Repurchase program duration 18 months Period during which authorized share buybacks may occur
Listing venue targeted Main Board of HKEX Proposed listing of Class A ordinary shares, subject to approvals
Proposed Listing financial
"including a proposed listing on the Main Board of the Hong Kong Stock Exchange"
share repurchase program financial
"the Company’s board of directors approved a share repurchase program"
A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.
open commercial testing technical
"launched open commercial testing for Nadou Pro, its proprietary AI agents"
AI agents technical
"its proprietary AI agents and the first in China designed specifically for professional long-form video generation"
AI agents are computer programs designed to perform tasks or make decisions automatically, often by learning from data and adapting to new information. They act like virtual assistants or robots that can handle complex activities without human intervention, which can help businesses and individuals save time and improve efficiency. For investors, AI agents matter because they can enhance decision-making and automate processes that influence markets and financial outcomes.
Main Board of the Hong Kong Stock Exchange financial
"a proposed listing on the Main Board of the Hong Kong Stock Exchange"
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Form 6-K: How Foreign Companies Report to the SEC →
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-38431

 

 

iQIYI, Inc.

 

 

4/F, iQIYI Youth Center Yoolee Plaza,

No. 21, North Road of Workers’ Stadium, Chaoyang District Beijing, 100027,

People’s Republic of China

Tel: +86 10 6267-7171

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

 

 
 

Exhibit Index

Exhibit 99.1 — Press Release — iQIYI Announces Latest Corporate and Business Developments

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

iQIYI, Inc.
By   :   

/s/ Ying Zeng

Name   :   Ying Zeng
Title   :   Interim Chief Financial Officer

Date: March 30, 2026

Exhibit 99.1

iQIYI Announces Latest Corporate and Business Developments

BEIJING, March 30, 2026 (GLOBE NEWSWIRE) — iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its latest corporate and business developments, including a proposed listing on the Main Board of the Hong Kong Stock Exchange (the “Proposed Listing”), the adoption of a share repurchase program, and the open commercial testing of its proprietary AI agents Nadou Pro.

Proposed Listing

A listing application form has been submitted to the Hong Kong Stock Exchange (the “HKEX”) on a confidential basis to apply for the listing of, and permission to deal in, the Class A ordinary shares of the Company on the HKEX. The Proposed Listing aims to enhance the Company’s access to the capital market in Hong Kong, broaden the Company’s investor base by increasing exposure to Asia-based institutional and retail investors, and strengthen the Company’s international profile.

Details of the Proposed Listing have not yet been finalized. The Proposed Listing is subject to, among others, the obtaining of approvals from the HKEX, the completion of the filing with the China Securities Regulatory Commission, and the final decision of the Company. There is no assurance that the Proposed Listing will take place or when it may take place.

This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Share Repurchase Program

On March 30, 2026, the Company’s board of directors approved a share repurchase program, under which the Company is authorized to repurchase up to US$100 million of its shares (including in the form of ADSs) in the next 18 months. The share repurchase program became effective immediately upon approval. The share repurchase program aims to demonstrate the Company’s confidence in its long-term business prospect and to deliver value to shareholders.

The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustments of its terms and size. The Company expects to fund the repurchase under the share repurchase program with its existing cash balance.

Launch of Proprietary AI Agents Nadou Pro

The Company recently launched open commercial testing for Nadou Pro, its proprietary AI agents and the first in China designed specifically for professional long-form video generation. By integrating leading foundation models with iQIYI’s deep expertise in premium content production, Nadou Pro effectively streamlines the entire production pipeline—from initial creative idea to final video generation.

About iQIYI, Inc.

iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces, aggregates and distributes a wide variety of professionally produced content, as well as a broad spectrum of other video content in a variety of formats. iQIYI distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. Over time, iQIYI has built a massive user base and developed a diversified monetization model including membership services, online advertising services, content distribution, online games, talent agency, experience business, etc.

For more information, please contact:

Investor Relations

iQIYI, Inc.

ir@qiyi.com

Source: View Original Filing on SEC EDGAR

FAQ

What did iQIYI (IQ) announce in its latest corporate update?

iQIYI announced a proposed listing on the Hong Kong Stock Exchange, a new US$100 million share repurchase program over 18 months, and open commercial testing of its Nadou Pro AI video agents. These steps combine capital markets initiatives with technology-driven product development.

How large is iQIYI’s new share repurchase program and how long will it last?

iQIYI’s board authorized a share repurchase program of up to US$100 million over the next 18 months. Repurchases may include ADSs and be executed via open-market trades, block transactions, or other lawful methods, funded from the company’s existing cash balance.

What is iQIYI’s proposed listing on the Hong Kong Stock Exchange?

iQIYI confidentially submitted a listing application to the Hong Kong Stock Exchange for its Class A ordinary shares. The goal is to enhance Hong Kong capital market access, broaden Asia-focused institutional and retail investor exposure, and strengthen its international profile, subject to approvals and final company decision.

Is iQIYI’s Hong Kong listing guaranteed to happen?

The company states there is no assurance the proposed Hong Kong listing will occur or when it might happen. It depends on approvals from the Hong Kong Stock Exchange, completion of required filings with the China Securities Regulatory Commission, and a final decision by iQIYI.

What is Nadou Pro, the AI product mentioned by iQIYI (IQ)?

Nadou Pro is iQIYI’s proprietary AI agents platform designed for professional long-form video generation. It integrates leading foundation models with the company’s content production expertise to streamline the video workflow from initial creative idea through to final video generation, and is now in open commercial testing.

How will iQIYI fund its share repurchases under the new program?

iQIYI expects to fund the new share repurchase program using its existing cash balance. The company notes that buybacks may occur periodically depending on market conditions and applicable regulations, with the board retaining the ability to review and adjust program terms or size.

Filing Exhibits & Attachments

1 document

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