iQiyi Completes $1.53 Billion Convertible Notes Financing

On February 21, 2017, Nasdaq-listed web services company Baidu announced that iQiyi, a Chinese video streaming platform and subsidiary of Baidu, has completed the issuance of certain convertible notes to a group of investors for an aggregate investment amount of US$1.53 billion. Wilson Sonsini Goodrich & Rosati advised Boyu Capital, one of the investors, in the transaction.

The WSGR team that advised Boyu Capital in the transaction included partners Weiheng Chen and Jie Zhu and associates Jing Xu and Jill Sheng.