iQIYI (Nasdaq: IQ) announced the results of its repurchase right offer for its 6.50% Convertible Senior Notes due 2028, which expired March 12, 2026. US$207,800,000 aggregate principal amount of the Notes were validly surrendered and repurchased.
The company forwarded cash to Citibank, N.A. for distribution to holders, and US$259,000 aggregate principal amount of the Notes will remain outstanding under the existing indenture.
Loading...
Loading translation...
Positive
Repurchased US$207.8M aggregate principal amount of notes
Post-settlement outstanding notes reduced to US$259k principal
Negative
Company forwarded US$207.8M cash to the paying agent
News Market Reaction – IQ
+1.55%
1 alert
+1.55%Session close to close
$1.30BMarket Cap
0.6xRel. Volume
In the Mar 13 session, IQ gained 1.55%, reflecting a mild positive market reaction.
This announcement details the completion of iQIYI’s repurchase right offer for its 6.50% Convertible...
Analysis
This announcement details the completion of iQIYI’s repurchase right offer for its 6.50% Convertible Senior Notes due 2028. Holders surrendered US$207,800,000 in principal, which the company has paid in cash, leaving just US$259,000 outstanding under the existing indenture. Combined with earlier disclosures of softer 2025 financial performance and leadership changes, investors may monitor future balance sheet moves, cash trends, and earnings quality to gauge how capital structure and operations evolve.
Revenue decline and losses versus prior-year profitability, yet shares rose.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Price reactions generally aligned with the tone of earnings and corporate news, with one notable instance where shares rose despite weaker quarterly results.
Recent Company History
Over the past six months, iQIYI has reported several challenging financial updates. Q3 and full-year 2025 results showed revenue declines and a shift from prior profitability, while Q4 2025 delivered modest growth but weaker full-year metrics. Corporate developments included a CFO resignation and an interim appointment on Jan 20, 2026. The company also notified holders of its 6.50% Convertible Senior Notes due 2028 about a repurchase right in early February, setting up the debt repurchase detailed in the latest announcement.
Key Terms
convertible senior notes, cusip, aggregate principal amount, indenture
4 terms
convertible senior notesfinancial
"6.50% Convertible Senior Notes due 2028 (CUSIP No. G4939KAF3) (the “Notes”)"
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.
cusipfinancial
"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.
"US$207,800,000 aggregate principal amount of the Notes were validly surrendered"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
indentureregulatory
"will remain outstanding and continue to be subject to the existing terms of the Indenture"
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.
BEIJING, March 13, 2026 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced the results of its previously announced repurchase right offer relating to its 6.50% Convertible Senior Notes due 2028 (CUSIP No. G4939KAF3) (the “Notes”). The repurchase right offer expired at 5:00 p.m., New York City time, on Thursday, March 12, 2026. Based on information from Citibank, N.A. as the paying agent for the Notes (the “Paying Agent”), US$207,800,000 aggregate principal amount of the Notes were validly surrendered and not withdrawn prior to the expiration of the repurchase right offer. The aggregate amount of the repurchase price of these Notes (including the aggregate principal amount of the Notes plus accrued and unpaid interest) (the “Repurchase Price”) is US$207,800,000. The Company has forwarded cash in payment of the Repurchase Price to the Paying Agent for distribution to the Holders that had validly exercised their repurchase right. Following settlement of the repurchase, US$259,000 aggregate principal amount of the Notes will remain outstanding and continue to be subject to the existing terms of the Indenture and the Notes.
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.
How many 6.50% convertible notes did iQIYI (IQ) repurchase in March 2026?
The company repurchased US$207.8 million aggregate principal amount of the notes. According to the company, those notes were validly surrendered and the Repurchase Price totaling US$207.8 million was forwarded to the paying agent for holder distribution.
What amount of iQIYI (IQ) 2028 convertible notes remains outstanding after the repurchase?
After settlement, US$259,000 aggregate principal amount of the notes remain outstanding. According to the company, the remaining notes will continue to be governed by the existing terms of the indenture and the notes.
Did iQIYI (IQ) pay accrued interest on the repurchased 6.50% notes?
Yes — the Repurchase Price included principal plus accrued and unpaid interest for the surrendered notes. According to the company, the aggregate Repurchase Price for the validly surrendered notes was US$207.8 million.
When did the repurchase right offer for iQIYI (IQ) 6.50% notes expire?
The repurchase right offer expired at 5:00 p.m. New York City time on March 12, 2026. According to the company, validly surrendered notes were those not withdrawn prior to that expiration time.
How will iQIYI (IQ) distribute payment to holders of surrendered 6.50% notes?
iQIYI forwarded cash to Citibank, N.A. as the paying agent for distribution to holders. According to the company, the paying agent will distribute the Repurchase Price to holders who validly exercised their repurchase right.
