iQIYI, Inc. Announces Repurchase Right Notification for 6.50% Convertible Senior Notes due 2028

Rhea-AI Summary

iQIYI (Nasdaq: IQ) notified holders of its 6.50% Convertible Senior Notes due 2028 of a holder repurchase right exercisable for cash on March 16, 2026. The repurchase price is 100% of principal plus accrued and unpaid interest to, but excluding, March 16, 2026.

The exercise window opens 9:00 a.m. New York City time on February 10, 2026 and closes 5:00 p.m. New York City time on March 12, 2026. As of February 9, 2026, aggregate principal outstanding was US$208,059,000; full surrender would require approximately US$208,059,000 in cash. Relevant documents will be available via DTC, Citibank, N.A., the SEC, and the company investor website.

Positive

• Repurchase price set at 100% of principal plus accrued interest
• Aggregate principal outstanding of US$208,059,000 disclosed as of Feb 9, 2026

Negative

• If all Notes are surrendered, aggregate cash purchase price would be approximately US$208,059,000

Key Figures

Coupon rate: 6.50% Note maturity: 2028 Minimum repurchase size: US$200,000 +5 more

8 metrics

Coupon rate 6.50% Convertible Senior Notes due 2028

Note maturity 2028 6.50% Convertible Senior Notes due 2028

Minimum repurchase size US$200,000 Integral multiple of principal per holder election

Repurchase price 100% of principal Plus accrued and unpaid interest to March 16, 2026

Notes outstanding US$208,059,000 Aggregate principal amount as of February 9, 2026

Max cash outlay US$208,059,000 If all outstanding Notes are surrendered for repurchase

Repurchase date March 16, 2026 Date specified in Indenture for cash repurchase

Repurchase window end March 12, 2026, 5:00 p.m. NYC time Deadline to exercise Repurchase Right

Market Reality Check

Price: $1.95 Vol: Volume 5,622,158 is below...

low vol

$1.95 Last Close

Volume Volume 5,622,158 is below the 20-day average of 8,796,070 (relative volume 0.64x). low

Technical Shares at $1.95 are trading below the 200-day MA of $2.07 and about 31.34% under the 52-week high of $2.84.

Peers on Argus

IQ was down 1.02% while key Entertainment peers like BATRA, BATRK, SPHR, MANU, a...

IQ was down 1.02% while key Entertainment peers like BATRA, BATRK, SPHR, MANU, and CNK showed positive moves (from 0.5% to 2.91%), pointing to a stock-specific setup around this notes repurchase right.

Historical Context

5 past events · Latest: Jan 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Earnings date notice	Neutral	+4.0%	Set date for reporting Q4 and FY 2025 financial results and call details.
Jan 20	Leadership change	Neutral	-1.0%	CFO resignation and appointment of Interim CFO with transition advisory role.
Nov 18	Earnings release	Negative	+6.3%	Reported Q3 2025 revenue decline and net loss versus prior-year profitability.
Oct 31	Content launch	Positive	+1.8%	Premiered Season 2 of “The Blooming Journey” with strong engagement metrics.
Oct 21	Earnings date notice	Neutral	-1.8%	Announced timing and access details for upcoming Q3 2025 results call.

Pattern Detected

Recent news often saw price moves aligned with the tone, except Q3 2025 results where shares rose despite weak metrics.

Recent Company History

Over the last few months, IQ’s news flow covered earnings, programming, and leadership changes. Q3 2025 results showed revenue declines and a net loss, yet shares rose 6.34% the next day, diverging from the negative fundamentals. Content launches like “The Blooming Journey” Season 2 coincided with a 1.76% gain. Calendar-style earnings announcements produced modest moves both up and down. Today’s convertible notes repurchase-right notification fits into a pattern of capital-structure and governance updates following the CFO change disclosed on a January 21, 2026 Form 6-K.

Market Pulse Summary

This announcement outlines the mechanics and timing of the repurchase right for IQ’s 6.50% Convertib...

Analysis

This announcement outlines the mechanics and timing of the repurchase right for IQ’s 6.50% Convertible Senior Notes due 2028. Noteholders may require the company to repurchase up to US$208,059,000 of outstanding principal at 100% of face value plus accrued interest on March 16, 2026. In context of recent earnings volatility and leadership changes, investors may monitor how much of this repurchase right is exercised and what it implies for liquidity, refinancing plans, and future capital-structure decisions.

Key Terms

convertible senior notes, indenture, cusip, tender offer statement on schedule to, +4 more

8 terms

convertible senior notes financial

"6.50% Convertible Senior Notes due 2028 (CUSIP No. G4939KAF3)"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

indenture regulatory

"pursuant to the Indenture dated as of March 7, 2023 relating to the Notes"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

cusip financial

"6.50% Convertible Senior Notes due 2028 (CUSIP No. G4939KAF3)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

tender offer statement on schedule to regulatory

"the Company will file a Tender Offer Statement on Schedule TO today"

A tender offer statement on Schedule TO is a formal regulatory filing that lays out the full terms, timeline, and conditions of a public offer to buy shares from existing shareholders. Think of it as a detailed invitation that explains who is buying, how much they’ll pay, how long the offer runs, and any rules or financing behind it. Investors use it to judge the fairness, likelihood and timing of a buyout and its likely effect on share value and control.

repurchase right financial

"each holder has the right ... to require the Company to repurchase"

A repurchase right is a contractual feature that lets one party buy back an asset—commonly shares, options, or property—under predefined conditions, price, or time frame. For investors it matters because it can change who owns the asset, affect how many shares are outstanding, and alter potential returns or dilution; think of it like a seller keeping a “right of first buyback” that can reclaim the item and change future value or control.

paying agent financial

"available through the Depository Trust Company and the paying agent, which is Citibank"

A paying agent is a bank or company that helps deliver payments, like interest or dividends, to investors. It’s like a trusted middleman who makes sure everyone gets their money on time, so investors don’t have to handle the details themselves.

depository trust company financial

"documents ... will be available through the Depository Trust Company and the paying agent"

A central securities depository that holds stocks, bonds and other securities in electronic form and handles the transfer and finalizing of trades between brokerages. For investors it acts like a secure electronic vault and central bookkeeping hub that speeds transactions, reduces the chance of lost or duplicated certificates, and determines whether holdings are eligible for trading, dividends and other corporate actions through your broker.

record date financial

"paid to the holders ... at the close of business on March 1, 2026, the regular record date"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

AI-generated analysis. Not financial advice.

BEIJING, Feb. 10, 2026 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced that it is notifying holders of its 6.50% Convertible Senior Notes due 2028 (CUSIP No. G4939KAF3) (the “Notes”) that pursuant to the Indenture dated as of March 7, 2023 (the “Indenture”) relating to the Notes by and between the Company and Citicorp International Limited, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$200,000 principal amount for cash on March 16, 2026 (the “Repurchase Right”). The Repurchase Right begins at 9:00 a.m., New York City time, on Tuesday, February 10, 2026 and expires at 5:00 p.m., New York City time, on Thursday, March 12, 2026.

As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions, and procedures for exercising the Repurchase Right will be available through the Depository Trust Company and the paying agent, which is Citibank, N.A. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Repurchase Right.

The Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of US$200,000 principal amount. The repurchase price for such Notes will be equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, March 16, 2026, which is the date specified for repurchase in the Indenture (the “Repurchase Date”), provided that any such accrued and unpaid interest shall be paid to the holders of such Notes at the close of business on March 1, 2026, the regular record date immediately preceding the Repurchase Date. As of February 9, 2026, there was US$208,059,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Repurchase Right, the aggregate cash purchase price will be approximately US$208,059,000.

The opportunity for holders of the Notes to exercise the Repurchase Right commences, 9:00 a.m., New York City time, on Tuesday, February 10, 2026 and will terminate at 5:00 p.m., New York City time, on Thursday, March 12, 2026. In order to exercise the Repurchase Right, a holder must follow the transmittal procedures set forth in the Company’s Repurchase Right Notice to holders (the “Repurchase Right Notice”), which is available through the Depository Trust Company and Citibank, N.A. Holders may withdraw any previously tendered Notes pursuant to the terms of the Repurchase Right at any time prior to 5:00 p.m., New York City time, on Thursday, March 12, 2026, which is the second business day immediately preceding the Repurchase Date, or as otherwise provided by applicable law.

This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Company’s Repurchase Right Notice dated February 10, 2026 and related documents.

Holders of the Notes should refer to the Indenture for a complete description of repurchase procedures and direct any questions concerning the mechanics of repurchase to the Trustee by contacting at.tmg.trustee@citi.com and referencing “iQIYI G4939KAF3” in the email subject line.

HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ THE COMPANY’S SCHEDULE TO, REPURCHASE RIGHT NOTICE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT IQIYI, INC. AND THE REPURCHASE RIGHT.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s website, http://ir.iqiyi.com/.

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 further information, please contact:

Investor Relations
iQIYI, Inc.
ir@qiyi.com

FAQ

What is the repurchase right for iQIYI (IQ) 6.50% Convertible Senior Notes due 2028?

Holders may require iQIYI to repurchase Notes for cash on March 16, 2026 at 100% principal plus accrued interest. According to iQIYI, the repurchase right follows the Indenture and specifies payment of accrued interest to holders of record on March 1, 2026.

How much principal was outstanding and what is the total cash if all IQ notes are repurchased?

As of Feb 9, 2026, US$208,059,000 in principal was outstanding; full repurchase equals approximately US$208,059,000 cash. According to iQIYI, accrued interest through the Repurchase Date would be paid in addition to the principal amount.

When can holders exercise and withdraw the repurchase right for IQ notes?

The exercise window runs from 9:00 a.m. NYC time on Feb 10, 2026 until 5:00 p.m. NYC time on Mar 12, 2026. According to iQIYI, holders may withdraw tendered Notes at any time prior to 5:00 p.m. NYC time on March 12, 2026.

How do holders exercise the Repurchase Right for iQIYI (IQ) CUSIP G4939KAF3 notes?

Holders must follow transmittal procedures in the Repurchase Right Notice via DTC and Citibank, N.A., and reference the CUSIP. According to iQIYI, the Repurchase Right Notice, Schedule TO, and related documents will be available through the SEC, DTC, and the company investor website.