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Cash FlowsǄCash Flows (1)&+except for number of shares or %except for number of share (1)%Wexcept for number of share (2)%except for number of share (3)6Fixed assets netGIntangible assets&YCommissions to thirdparty adver nEquity method investments$Equity method investments (1)%except for number of share (4)%Cexcept for number of share (5)%except for number of share (6)%except for number of share (7)%except for number of share (8)%'except for number of share (9)%Aexcept for number of shar (10)%]except for number of shar (11)%qexcept for number of shar (12)%except for number of shar (13)Shortterm Loans(Longterm Loans%except for number of shar (14)%except for number of shar (15)%o except for number of shar (16)%c except for number of shar (17)%7 except for number of shar (18)%T except for number of shar (19)%k except for number of shar (20)%L except for number of shar (21)&\ Commitments for Licensed Copyri%n except for number of shar (22)%g except for number of shar (23)%k except for number of shar (24)%4
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??_TABLE OF CONTENTSTABLE OF CONTENTS (1)!SUMMARY CONSOLIDATED FINANCIAL SUMMARY CONSOLIDATED FINAN (1) SUMMARY CONSOLIDATED FINAN (2) SUMMARY CONSOLIDATED FINAN (3) SUMMARY CONSOLIDATED FINAN (4) SUMMARY CONSOLIDATED FINAN (5) SUMMARY CONSOLIDATED FINAN (6)CAPITALIZATIONCAPITALIZATION (1)
DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)!SELECTED CONSOLIDATED FINAN (2)!SELECTED CONSOLIDATED FINAN (3)Total RevenuesResults of OperationsResults of Operations (1)!Selected Quarterly Results of O!Selected Quarterly Results (1)!Liquidity and Capital ResourcesContractual obligationsHolding company structure!Sharebased Compensation Expense!Sharebased Compensation Exp (1)
Employee
Facilities!Directors and Executive Officer2017 Share Incentive PlanPRINCIPAL SHAREHOLDERSUNDERWRITINGCommission and Expenses!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL
Balance SheetBalance Sheet (1)Balance Sheet (2)Balance Sheet (3)Balance Sheet (4)Income StatementIncome Statement (1)Income Statement (2)Shareholders Equity
Cash FlowsCash Flows (1)!except for number of shares or except for number of share (1) except for number of share (2) except for number of share (3)Fixed assets netIntangible assets!Commissions to thirdparty adverEquity method investmentsEquity method investments (1) except for number of share (4) except for number of share (5) except for number of share (6) except for number of share (7) except for number of share (8) except for number of share (9) except for number of shar (10) except for number of shar (11) except for number of shar (12) except for number of shar (13)Shortterm LoansLongterm Loans except for number of shar (14) except for number of shar (15) except for number of shar (16) except for number of shar (17) except for number of shar (18) except for number of shar (19) except for number of shar (20) except for number of shar (21)!Commitments for Licensed Copyri except for number of shar (22) except for number of shar (23) except for number of shar (24) except for number of shar (25) except for number of shar (26) except for number of shar (27) except for number of shar (28) except for number of shar (29) except for number of shar (30) except for number of shar (31) except for number of shar (32) except for number of shar (33) except for number of shar (34)Balance Sheet (5)Shareholders Equity (1)Income Statement (3)!Condensed Statements of Cash FlU }I }$ }}$ }}$ }
iQIYI, Inc.
424B4
03/29/2018kcNeither the United States Securities and Exchange Commission nor any other regulatory body has appr Price to Public Underwriting Proceeds to us (1)
Discounts andCommission (1)Per ADSUS$18.00US$0.54US$17.46
Total
US$2,250,000,000.00
US$67,500,000.00
US$2,182,500,000.00$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*khG;/#NIz=PF0*8X>
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)!SELECTED CONSOLIDATED FINAN (2)!SELECTED CONSOLIDATED FINAN (3)Total RevenuesResults of OperationsResults of Operations (1)!Selected Quarterly Results of O!Selected Quarterly Results (1)!Liquidity and Capital ResourcesContractual obligationsHolding company structure!Sharebased Compensation Expense!Sharebased Compensation Exp (1)
Employee
Facilities!Directors and Executive Officer2017 Share Incentive PlanPRINCIPAL SHAREHOLDERSUNDERWRITINGCommission and Expenses!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL
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iQIYI, Inc.
424B4
03/29/2018TABLE OF CONTENTS Page
Prospectus Summary
~
The Offering~
*4,Summary Consolidated Financial and Operating~
2
DataRisk Factors~
>.&Special Note Regarding ForwardLooking~
$Statements and Industry DataUse of Proceeds~
Dividend Policy~
Capitalization~
Dilution~
!Exchange Rate Information~
+#Enforceability of Civil Liabilities~
'Corporate History and Structure~
#Our Relationship with Baidu~
",$Selected Consolidated Financial Data~
*,$Management?s Discussion and Analysis~
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)!SELECTED CONSOLIDATED FINAN (2)!SELECTED CONSOLIDATED FINAN (3)Total RevenuesResults of OperationsResults of Operations (1)!Selected Quarterly Results of O!Selected Quarterly Results (1)!Liquidity and Capital ResourcesContractual obligationsHolding company structure!Sharebased Compensation Expense!Sharebased Compensation Exp (1)
Employee
Facilities!Directors and Executive Officer2017 Share Incentive PlanPRINCIPAL SHAREHOLDERSUNDERWRITINGCommission and Expenses!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL
Balance SheetBalance Sheet (1)Balance Sheet (2)Balance Sheet (3)Balance Sheet (4)Income StatementIncome Statement (1)Income Statement (2)Shareholders Equity
Cash FlowsCash Flows (1)!except for number of shares or except for number of share (1) except for number of share (2) except for number of share (3)Fixed assets netIntangible assets!Commissions to thirdparty adverEquity method investmentsEquity method investments (1) except for number of share (4) except for number of share (5) except for number of share (6) except for number of share (7) except for number of share (8) except for number of share (9) except for number of shar (10) except for number of shar (11) except for number of shar (12) except for number of shar (13)Shortterm LoansLongterm Loans except for number of shar (14) except for number of shar (15) except for number of shar (16) except for number of shar (17) except for number of shar (18) except for number of shar (19) except for number of shar (20) except for number of shar (21)!Commitments for Licensed Copyri except for number of shar (22) except for number of shar (23) except for number of shar (24) except for number of shar (25) except for number of shar (26) except for number of shar (27) except for number of shar (28) except for number of shar (29) except for number of shar (30) except for number of shar (31) except for number of shar (32) except for number of shar (33) except for number of shar (34)Balance Sheet (5)Shareholders Equity (1)Income Statement (3)!Condensed Statements of Cash FlU }2}$ }U}$
iQIYI, Inc.
424B4
03/29/2018TABLE OF CONTENTS Page
Industry
~
Business~
Regulation~
Management
~
6
Principal Shareholders~
Z"Related Party Transactions~
f$Description of Share Capital~
n1)Description of American Depositary Shares~
'Shares Eligible for Future Sale~
Taxation~
Underwriting~
)!Expenses Related to this Offering~
Legal Matters~
"Experts~
&1)Where You Can Find Additional Information~
*2*Index to Consolidated Financial StatementsF1$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BE Xu9y1=09=PF0*8X>
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DILUTIONDILUTION (1)EXCHANGE RATE INFORMATION!SELECTED CONSOLIDATED FINANCIAL!SELECTED CONSOLIDATED FINAN (1)!SELECTED CONSOLIDATED FINAN (2)!SELECTED CONSOLIDATED FINAN (3)Total RevenuesResults of OperationsResults of Operations (1)!Selected Quarterly Results of O!Selected Quarterly Results (1)!Liquidity and Capital ResourcesContractual obligationsHolding company structure!Sharebased Compensation Expense!Sharebased Compensation Exp (1)
Employee
Facilities!Directors and Executive Officer2017 Share Incentive PlanPRINCIPAL SHAREHOLDERSUNDERWRITINGCommission and Expenses!EXPENSES RELATED TO THIS OFFERI!INDEX TO CONSOLIDATED FINANCIAL
Balance SheetBalance Sheet (1)Balance Sheet (2)Balance Sheet (3)Balance Sheet (4)Income StatementIncome Statement (1)Income Statement (2)Shareholders Equity
Cash FlowsCash Flows (1)!except for number of shares or except for number of share (1) except for number of share (2) except for number of share (3)Fixed assets netIntangible assets!Commissions to thirdparty adverEquity method investmentsEquity method investments (1) except for number of share (4) except for number of share (5) except for number of share (6) except for number of share (7) except for number of share (8) except for number of share (9) except for number of shar (10) except for number of shar (11) except for number of shar (12) except for number of shar (13)Shortterm LoansLongterm Loans except for number of shar (14) except for number of shar (15) except for number of shar (16) except for number of shar (17) except for number of shar (18) except for number of shar (19) except for number of shar (20) except for number of shar (21)!Commitments for Licensed Copyri except for number of shar (22) except for number of shar (23) except for number of shar (24) except for number of shar (25) except for number of shar (26) except for number of shar (27) except for number of shar (28) except for number of shar (29) except for number of shar (30) except for number of shar (31) except for number of shar (32) except for number of shar (33) except for number of shar (34)Balance Sheet (5)Shareholders Equity (1)Income Statement (3)!Condensed Statements of Cash FlU }6}$ }y}$ }}
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iQIYI, Inc.
424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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iQIYI, Inc.
424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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iQIYI, Inc.
424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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iQIYI, Inc.
424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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iQIYI, Inc.
424B4
03/29/201891SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
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iQIYI, Inc.
424B4
03/29/2018CAPITALIZATION
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iQIYI, Inc.
424B4
03/29/2018CAPITALIZATION
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iQIYI, Inc.
424B4
03/29/2018DILUTION Per Ordinary Share Per ADS %
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iQIYI, Inc.
424B4
03/29/2018DILUTION
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iQIYI, Inc.
424B4
03/29/2018!EXCHANGE RATE INFORMATION
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424B4
03/29/2018,$SELECTED CONSOLIDATED FINANCIAL DATA
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424B4
03/29/2018,$SELECTED CONSOLIDATED FINANCIAL DATA
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424B4
03/29/2018,$SELECTED CONSOLIDATED FINANCIAL DATA
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424B4
03/29/2018,$SELECTED CONSOLIDATED FINANCIAL DATA
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424B4
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424B4
03/29/2018Results of Operations
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424B4
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424B4
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424B4
03/29/20180(Selected Quarterly Results of Operations
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424B4
03/29/2018'Liquidity and Capital Resources
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424B4
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424B4
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424B4
03/29/2018MESharebased Compensation Expense and Valuation of Our Ordinary Shares
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424B4
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iQIYI, Inc.
424B4
03/29/2018Employee Research and development ~
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iQIYI, Inc.
424B4
03/29/2018
Facilities Leased properties Term Area (square meters)
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iQIYI, Inc.
424B4
03/29/2018( Directors and Executive Officers( Directors and Executive Officers Age Position/Title
Robin Yanhong Li
~
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Qi Lu~
DirectorYu Gong~
,$Chief Executive Officer and Director
Herman Yu
~
DirectorLu Wang~
Director
Chuan Wang~
DirectorSam Hanhui Sun~
Independent Director
Xiaodong Wang~
Chief Financial OfficerXiaohui Wang~
Chief Content Officer Xing Tang~
#Chief Technology Officer **Wenfeng Liu~
%Chief Technology Officer Appointee **
Xiangjun Wang~
Chief Marketing Officer
Xianghua Yang~
Senior Vice PresidentYouqiao Duan~
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iQIYI, Inc.
424B4
03/29/2018!2017 Share Incentive Plan
Name Ordinary Shares Exercise Price
Grant Date Expiration Date
Underlying Outstanding
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? ?
Qi Lu
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? ?Sam Hanhui Sun ? ?
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Chuan Wang ? ?
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Xiaodong Wang *RQ? /
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$August 5, 2016 and February 28, 2018,$August 4, 2026 and February 27, 2028 Xing Tang *0.25 to 0.51 /
'Various dates from December 15, 2014 to/'Various dates from December 14, 2024 to
February 28, 2018February 27, 2028
Xiangjun Wang *0.25 to 0.51 ;
3Various dates from October 18, 2010 to February 28,;3Various dates from October 17, 2020 to February 27, ~
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Xianghua Yang *0.25 to 0.51 ;
3Various dates from October 18, 2010 to February 28,;3Various dates from October 17, 2020 to February 27, ~
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Youqiao Duan *0.25 to 0.51 6
.Various dates from May 8, 2012 to February 28,6.Various dates from May 7, 2022 to February 27, ~
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iQIYI, Inc.
424B4
03/29/2018PRINCIPAL SHAREHOLDERS
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424B4
03/29/2018Commission and Expenses
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424B4
03/29/2018)!EXPENSES RELATED TO THIS OFFERING SEC Registration Fee ~
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iQIYI, Inc.
424B4
03/29/20182*INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page
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iQIYI, Inc.
424B4
03/29/2018
Balance Sheet
As of December 31, Pro forma shareholders?
equity as of
December 31,Note~
~
~
~
~
RMB
RMB
US$
RMB
US$
(Unaudited)ASSETS
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!Cash and cash equivalents~
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~
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~
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P%Accounts receivable, net of allowance~
~
.l
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iQIYI, Inc.
424B4
03/29/2018
Balance Sheet
As of December 31, Pro forma shareholders?
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~
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RMB
RMB
US$
RMB
US$
(Unaudited)7/LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS?
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424B4
03/29/2018
Balance Sheet
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December 31,Note~
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US$
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~
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~
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^~
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~
Z
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424B4
03/29/2018
Balance Sheet
As of December 31, Pro forma shareholders?
equity as of
December 31,Note~
~
~
~
~
RMB
RMB
US$
RMB
US$
(Unaudited)1)Series E redeemable convertible preferred~
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~
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~
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~
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~
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Balance SheetBalance Sheet (1)Balance Sheet (2)Balance Sheet (3)Income StatementIncome Statement (1)Income Statement (2)Shareholders Equity
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iQIYI, Inc.
424B4
03/29/2018
Balance Sheet
As of December 31, Pro forma shareholders?
equity as of
December 31,Note~
~
~
~
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RMB
RMB
US$
RMB
US$
(Unaudited)'Shareholders? (deficit)/equity:
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~
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?
?~
B~
20(value; no shares authorized, issued, and/'outstanding as of December 31, 2016 and/'2017, 94,000,000,000 shares authorized;4,1,231,841,032 shares issued and outstanding,unaudited, pro forma)/'Class B ordinary shares (US$0.00001 par ?
?
?~
~
v0(value; no shares authorized, issued, and/'outstanding as of December 31, 2016 and.&2017, 5,000,000,000 shares authorized;4,2,839,530,705 shares issued and outstanding,DJlyMs<T a !"#$%&'()*+,./ unaudited, pro forma)"!Additional paidin capital!!!!!!~
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Employee
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iQIYI, Inc.
424B4
03/29/2018Income Statement
Year ended December 31,
Note
~
~
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~
RMB
RMB
RMBUS$ Revenues:
.
&Membership services (including related
~
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~
~
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~
X
~
2~
҉L6.related party amounts of RMB28,256, RMB176,780.&and RMB27,586 (US$4,240) for the years/'ended December 31, 2015, 2016 and 2017,
respectively)Content distribution~
~
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~
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Total revenues~
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~
~
~
$~
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%Operating costs and expenses:
1)Cost of revenues (including related party~
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~
6E
~
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\DlvzCwrHz@M !"#$%&'()*+,./01234565 amounts of RMB8,650, RMB23,662 and RMB141,6424!,(US$21,770) for the years ended December 31,*""2015, 2016 and 2017, respectively)6#.Selling, general and administrative (including######~
#B## #
~
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respectively)3(+Research and development (including related((((((~
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~
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iQIYI, Inc.
424B4
03/29/2018Income Statement
Year ended December 31,
Note
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RMB
RMB
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424B4
03/29/2018Income Statement
Year ended December 31,
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424B4
03/29/2018Shareholders' Equity
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iQIYI, Inc.
424B4
03/29/2018
Cash Flows
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03/29/2018
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iQIYI, Inc.
424B4
03/29/2018IAexcept for number of shares (or ADS) and per share (or ADS) data) Place of Date of Effective
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March 8, 2010100%*
"Co., Ltd. (?Beijing QIYI Century?)3+Chongqing QIYI Tianxia Science & TechnologyPRCNovember 3, 2010100%"Co., Ltd. (?QIYI Tianxia?)'Qiyi.com HK Limited (?QIYI HK?) Hong KongApril 14, 2011100% iQIYI Film Group LimitedCaymanMay 26, 2017100%iQIYI Media LimitedCaymanMay 26, 2017100%#iQIYI Film Group HK Limited Hong Kong
June 12, 2017100%4,Beijing iQIYI New Media Science & TechnologyPRC
July 27, 2017100%%Co., Ltd. (?iQIYI New Media?)
VIEs:/'Beijing iQIYI Science & Technology Co.,PRC%Acquired on November 23, 2011Nil.&Ltd. (?Beijing iQIYI ?; formerly known.&as Beijing Xinlian Xinde AdvertisementMedia Co., Ltd.).&Shanghai iQIYI Culture Media Co., Ltd.PRCDecember 19, 2012Nil(?Shanghai iQIYI?)80Shanghai Zhong Yuan Network Co., Ltd. (?ShanghaiPRC Acquired on May 11, 2013NilZhong Yuan?)DAli]QEH"xO( !"#$%&'2 *iQIYI Pictures (Beijing) Co., Ltd. (?iQIYI PRC December 31, 2014 Nil!
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424B4
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iQIYI, Inc.
424B4
03/29/2018Fixed assets, net Computer equipment 3 to 5 years&
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424B4
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424B4
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424B4
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424B4
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iQIYI, Inc.
424B4
03/29/2018IAexcept for number of shares (or ADS) and per share (or ADS) data)
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424B4
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iQIYI, Inc.
424B4
03/29/2018Shortterm Loans
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424B4
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424B4
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424B4
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424B4
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424B4
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424B4
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424B4
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424B4
03/29/2018IAexcept for number of shares (or ADS) and per share (or ADS) data)
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424B4
03/29/2018IAexcept for number of shares (or ADS) and per share (or ADS) data)
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424B4
03/29/2018IAexcept for number of shares (or ADS) and per share (or ADS) data)
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iQIYI, Inc.
424B4
03/29/2018
Balance Sheet
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424B4
03/29/2018Shareholders' Equity
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424B4
03/29/2018Income Statement
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424B4
03/29/2018*"Condensed Statements of Cash Flows
Year ended December 31,
~
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