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Baidu's video streaming service iQiyi said to consider US listing in early 2018

  • Baidu's video streaming service iQiyi is looking to go public in the United States next year, according to a report
  • The firm is aiming for a valuation of as much as $10 billion, the report said
  • IQiyi said in February it raised $1.53 billion in new funds to compete with rivals

Baidu Inc.'s video streaming service, iQiyi, is looking for an initial public offering in the United States as early as next year, which could value it at more than $8 billion, Bloomberg reported.

The Chinese firm is about to kick off negotiations with banks and deal arrangers and is aiming for a valuation of as much as $10 billion, Bloomberg reported, citing people familiar with the matter.

IQiyi said in February it raised $1.53 billion in new funds to compete with rivals in the country's hotly contested online entertainment sector.

Baidu was not immediately available for comment.