iQIYI offers repurchase right on 2028 notes

iQIYI, Inc. has filed a Schedule TO related to its 6.50% Convertible Senior Notes due 2028.

Rhea-AI Filing Summary

iQIYI, Inc. has filed a Schedule TO related to its 6.50% Convertible Senior Notes due 2028. Under the indenture, each noteholder has a contractual right to require the company to repurchase their notes, as described in a Repurchase Right Notice dated February 10, 2026.

The notes are convertible into iQIYI American depositary shares, with each ADS representing seven Class A ordinary shares. iQIYI states it is obligated to purchase all notes that are properly tendered under the terms and conditions in the Repurchase Right materials incorporated by reference into this filing.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does iQIYI (IQ) disclose in this Schedule TO filing?

iQIYI discloses that holders of its 6.50% Convertible Senior Notes due 2028 have a contractual right to require the company to repurchase their notes. This repurchase right is governed by the March 7, 2023 indenture and a Repurchase Right Notice dated February 10, 2026.

Which securities are covered by iQIYI (IQ)’s repurchase right notice?

The repurchase right applies to iQIYI’s 6.50% Convertible Senior Notes due 2028. These convertible notes are issued under a March 7, 2023 indenture with Citicorp International Limited as trustee and are convertible into American depositary shares representing Class A ordinary shares of iQIYI.

How are iQIYI (IQ) convertible notes due 2028 linked to its equity?

The 6.50% Convertible Senior Notes due 2028 are convertible into iQIYI American depositary shares. Each ADS represents seven Class A ordinary shares, subject to the detailed terms, conditions and adjustment provisions specified in the indenture and in the notes themselves.

What obligation does iQIYI (IQ) have if noteholders exercise the repurchase right?

iQIYI states it is obligated to purchase all 6.50% Convertible Senior Notes due 2028 that are properly tendered by holders under the repurchase right. The transaction must comply with the conditions and procedures set out in the Repurchase Right Notice and related materials incorporated into this filing.

Which documents related to iQIYI (IQ)’s repurchase right are filed as exhibits?

Exhibits include the Repurchase Right Notice to holders of the 6.50% Convertible Senior Notes due 2028, a related press release dated February 10, 2026, the March 7, 2023 indenture incorporated by reference, and the SEC filing fee table, which together provide detailed terms of the repurchase right.

Who is the trustee under iQIYI (IQ)’s 6.50% convertible notes indenture?

Citicorp International Limited serves as trustee under the March 7, 2023 indenture governing iQIYI’s 6.50% Convertible Senior Notes due 2028. The trustee administers the indenture’s terms, including those related to conversion features and the noteholders’ repurchase right described in this Schedule TO.

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Accepted by SEC EDGAR 02/10/2026 - 06:56 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE TO

(RULE 14d-100)

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)

OF THE SECURITIES EXCHANGE ACT OF 1934

iQIYI, Inc.

(Name of Subject Company (Issuer))

iQIYI, Inc.

(Name of Filing Person (Issuer))

6.50% Convertible Senior Notes due 2028

(Title of Class of Securities)

G4939KAF3

(CUSIP Number of Class of Securities)

Yu Gong

Chief Executive Officer

4/F, iQIYI Youth Center, Yoolee Plaza,

No. 21, North Road of Workers’ Stadium, Chaoyang District

Beijing 100027, People’s Republic of China

Telephone: +86 10-6267-7171

with copy to:

Haiping Li, Esq.

Skadden, Arps, Slate, Meagher & Flom LLP

c/o 42/F, Edinburgh Tower,

The Landmark

15 Queen’s Road Central

Hong Kong

+852 3740-4700

(Name, address and telephone number of person authorized to receive notices and communications on behalf of the filing person)

☐  Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐  third-party tender offer subject to Rule 14d-1.

☒  issuer tender offer subject to Rule 13e-4.

☐  going-private transaction subject to Rule 13e-3.

☐  amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐  Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐  Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

INTRODUCTORY STATEMENT

As required by, pursuant to the terms of and subject to the conditions set forth in the Indenture dated as of March 7, 2023 (the “Indenture”), by and between iQIYI, Inc. (the “Company”) and Citicorp International Limited, as trustee (the “Trustee”), for the Company’s 6.50% Convertible Senior Notes due 2028 (the “Notes”), this Tender Offer Statement on Schedule TO (“Schedule TO”) is filed by the Company with respect to the right of each holder (the “Holder”) of the Notes to require the Company to repurchase the Notes, as set forth in the Company’s Notice to the Holders dated February 10, 2026 (the “Repurchase Right Notice”) and the related notice materials filed as exhibits to this Schedule TO (which Repurchase Right Notice and related notice materials, as amended or supplemented from time to time, collectively constitute the “Repurchase Right”).

This Schedule TO is intended to satisfy the disclosure requirements of Rule 13e-4(c)(2) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

ITEMS 1 through 9.

The Company is the issuer of the Notes and is obligated to purchase all of the Notes if properly tendered by the Holders under the terms and subject to the conditions set forth in the Repurchase Right. The Notes are convertible into the Company’s American depositary shares (“ADSs”), each representing seven Class A ordinary shares, par value US$0.00001 per share of the Company, subject to the terms, conditions, and adjustments specified in the Indenture and the Notes. The Company maintains its principal executive offices at 4/F, Youth Center Yoolee Plaza, No. 21, North Road of Workers’ Stadium, Chaoyang District, Beijing 100027, People’s Republic of China, and the telephone number at this address is +86 10 6267-7171. The Company’s registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

As permitted by General Instruction F to Schedule TO, all of the information set forth in the Repurchase Right is incorporated by reference into this Schedule TO.

ITEM 10. FINANCIAL STATEMENTS.

(a) Pursuant to Instruction 2 to Item 10 of Schedule TO, the Company’s financial condition is not material to a Holder’s decision whether to put the Notes to the Company because (i) the consideration being paid to Holders surrendering Notes consists solely of cash, (ii) the Repurchase Right is not subject to any financing conditions, (iii) the Company is a public reporting company under the Exchange Act that files reports electronically on EDGAR, and (iv) the Repurchase Right applies to all outstanding Notes. The financial condition and results of operations of the Company, its subsidiaries and the consolidated affiliate entities are reported electronically on EDGAR on a consolidated basis.

(b) Not applicable.

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ITEM 11. ADDITIONAL INFORMATION.

(a) Not applicable.

(c) Not applicable.

ITEM 12. EXHIBITS.

(a)		Exhibits.
(a)(1)*		Repurchase Right Notice to Holders of 6.50% Convertible Senior Notes due 2028 issued by the Company, dated as of February 10, 2026.
(a)(5)(A)*		Press Release issued by the Company, dated as of February 10, 2026.
(b)		Not applicable.
(d)		Indenture, dated March  7, 2023, between the Registrant and Citicorp International Limited, as trustee (incorporated herein by reference to Exhibit 4.73 to the annual report on Form 20-F (File No.  001-38431) filed with the SEC on March 22, 2023)
(g)		Not applicable.
(h)		Not applicable.
(b)		Filing Fee Exhibit.
107*		Filing Fee Table.

* Filed herewith.

ITEM 13. INFORMATION REQUIRED BY SCHEDULE 13E-3.

Not applicable.

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EXHIBIT INDEX

Exhibit No.		Description
(a)(1)*		Repurchase Right Notice to Holders of 6.50% Convertible Senior Notes due 2028 issued by the Company, dated as of February 10, 2026.
(a)(5)(A)*		Press Release issued by the Company, dated as of February 10, 2026.
(d)		Indenture, dated March  7, 2023, between the Registrant and Citicorp International Limited, as trustee (incorporated herein by reference to Exhibit 4.73 to the annual report on Form 20-F (File No. 001-38431) filed with the SEC on March 22, 2023)
107*		Filing Fee Table

* Filed herewith.

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SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

iQIYI, Inc.
By:		/s/ Yu Gong
Name: Yu Gong
Title: Chief Executive Officer

Dated: February 10, 2026

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